Monthly Archives: May 2018

What happens to your social media accounts when you die?

At present, the UK has over 38 million active social media users. The popularity boom for social media across all ages means it has become an integral part of our lives, whether intentional or not. Social media is also fast becoming a significant way to remember loved ones when they pass…

Facebook
Facebook allows you to appoint a ‘Legacy Contact’ who will look after your account when you die. The Legacy Contact section can be found by clicking the arrow at the top right, then going to Settings, General, Manage Account and finally selecting Legacy Contact.
Your chosen legacy contact will be able to pin posts on your timeline, update your profile picture, request to have your account removed and respond to friend requests. However, they won’t be able to post anything, remove / add friends, change past posts on your timeline or view your inbox messages.

When choosing your legacy contact, you also have the option to allow them to download a copy of what you shared on Facebook. This includes timeline posts, shared posts, videos and the About section, but it doesn’t include your messages.

Once you’ve chosen your legacy contact, Facebook will notify once a year to check whether or not you still want that person as your legacy contact. If you don’t want to choose a legacy contact, then your family can request to have your account deleted instead.

In the event of your passing, your Facebook account can be memorialised. The word ‘Remembering’ will appear just before your name to signify that your account has been memorialised. No one will be able to login to this account, but people may still post on your timeline from their own accounts to write tributes and share posts.

Twitter
At present, there isn’t a memorialisation option for Twitter accounts, although your friends and family can request to have your account removed. Once your loved ones have submitted a privacy form requesting the deactivation of your account, Twitter will send a confirmation email with further instructions.

Instagram
Instagram also offers the option to memorialise a loved one’s account. Your friends and family can also request the removal of your Instagram account providing they have proof of your passing such as your death certificate or proof that they’re your lawful representative.
Once memorialised, your account can’t be changed – this includes followers, likes, tags, posts and comments. Your posts are only visible to your chosen audience. For example, if your profile was set to private then it will remain private.

Should you include social media details in your Will?
In conclusion, you’re very much in control as to what happens to your social media accounts when you die – you just need to make preparations in advance.

It can be upsetting for loved ones to see your social accounts after you’ve gone. That’s why it’s always a good idea to leave certain details in your Will such as links to your social media accounts and other online entities.

For guidance on including social media account details in your Will please give us a call on 01243 216900 or e-mail us at info@legalmatters.co.uk.

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What is a Trust?

A trust is a legally binding arrangement where an individual or group (settlor) delegates the management of money or assets to another person or an organisation (the trustees), who in turn passes them to a person/people (beneficiaries). Here’s more information on trusts, why people set them up and the sort of trust funds available in the UK…

When people set up a trust
The money or assets involved in a trust are usually designated to support a person who can’t manage money, such as a child or a person with limited mental capacity or a learning disability.
A trust may also be used in reverse. This is when your own money is used to look after you if you’re unable to look after yourself due to an illness or disability.

The costs of setting up a trust
As trusts can be complex, they should really be set up with professional help to avoid any costly mistakes. Usually, setting up a trust costs around £1,000, but if you’re setting up a trust for a disabled child there are a number of charities, such as Mencap, offering contribution schemes to assist with the financial aspect.

Reasons for setting up a trust
There are a number of different reasons why families, groups and organisations may set up a trust, some of which include:

  • Protect those who are unable to control their spending
  • Protect family assets and keep them in the family
  • Safeguard assets against bankruptcy
  • If the beneficiary is a child or someone with a learning disability (including adults)
  • A company distributing pensions over the duration of an individual’s employment.

There are many different types of trusts, although bare or absolute trusts are the most popular type of trust that people can set up in the UK. The settlor transfers money or assets to the trust for the trustees to look after and, when the beneficiary turns 18 years old, they receive all the assets and money from the trust.

An interest in possession trust involves the trustees transferring all trust capital to the beneficiary for a fixed period of time – usually for the rest of their life. The beneficiary is then known as a ‘life tenant’ and the trust is known as a ‘life interest trust.’ The interest in possession will end when the life tenant dies and the ‘capital beneficiaries’ (usually the children when the income beneficiary spouse dies) inherit the capital of the trust.

To find out more about Trusts, and help in deciding which is best for your own circumstances, give us a ring on 01243 216900 or e-mail us at info@legalmatters.co.uk.

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When did you last update your Will?

Over half of people have not updated their Will. That’s according to a recent online poll. The survey found that while people have started to recognise the importance of Wills when it comes to establishing their final wishes, the majority are still unaware of the need to review them.

However, life can change quickly, so it is recommended that you review your Will after any significant life event, or every five years.

When do you need to update your Will?

The poll shows that people are largely unaware of the impact legislative and domestic changes can have on the distribution of their estate.

For example, even where a Will already exists, most people don’t know that getting married automatically invalidates it.

Here are just some of the instances when you should check your Will:

  • The birth of a child or grandchild
  • When buying a home (or other property)
  • When getting married
  • If you inherit any money or property
  • If you get a divorce
  • If you remarry
  • If you sell a home (or other property)
  • If you start a second family
  • If you need care and assistance.

Each of these circumstances will have an impact on your Will and some could even nullify it. Likewise, increases (or decreases) in wealth also require a Will review as it is crucial to ensure it reflects your current financial situation. That’s why, even if everything else stays the same, it is important to review your Will at least once every five years.

Regulatory amendments, such as inheritance tax changes, should also prompt a review to make sure you are taking advantage of all available exemptions and allowances.

Updating your Will is easy

Efficient and regular planning will give both you and your family peace of mind, and minimise the amount of inheritance tax due. By speaking to one of our expert team and taking the time to update your Will, you can help to ensure that your wealth is passed on in-line with your wishes.

We can provide all the guidance you need to update your Will so that it accurately reflects your wishes. Call us on 01243 216900 or email us at info@legalmatters.co.uk.

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Successful succession…

Thinking about the future and what will happen to your family after you die, is not exactly a fun thing to do.

However, if you want the wealth that you have built up to continue on through your children and grandchildren’s generations, then it’s important to take a proactive approach.

So how do you ensure a successful wealth succession? Here are a handful of simple steps that are worth bearing in mind.

Initially, it’s worth discussing with your family how you see the wealth being used in the future – essentially, what is its purpose? Is it simply there to provide them with a comfortable lifestyle or do you have other grand hopes and aspirations?

Ensuring that the distribution of your assets is fair is another key factor. That doesn’t necessarily mean splitting them equally – this may not be desirable nor convenient.

Being open with those who will inherit on how you see the assets changing hands, and why, will likely help quash any potential resentment.

It’s important to get your family prepared for how they will handle that wealth too. If this represents a big change for them, there is a greater chance of the wealth being squandered.

So give them the opportunity to at least see how you manage those assets, if not giving them the chance to do so themselves in a controlled environment. With this level of preparation behind them, they will be better equipped to ensure the wealth continues on through future generations.

Finally, be on your guard for future risks. From economic crises to changes to the tax infrastructure, there are plenty of as-yet unknown dangers which could diminish that wealth.

Protecting against them will often involve the use of advisers, so get your loved ones used to working with them in advance of any actual succession.

Nobody likes to think about dying or how our families will cope after we have gone. But it is important to make sure they are prepared to handle the wealth left to them, in order to ensure it lasts throughout further generations, and that means talking openly about it.

Of course, the best way to ensure that your assets are divided precisely to your wishes is to write a comprehensive Will. Speak to one of the team here at legalmatters to make sure that your Will reflects your wishes. Call us on 01243 216900 or email us at info@legalmatters.co.uk.

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