These figures are a further reminder that end-of-life planning should not be left until our twilight years when illness and disability may impact decision making, but something that we should review with a ‘financial health check’ at regular intervals as we age.— Stuart Simpson, Head of Equiniti Benefactor
Creating a good audit trail, at whatever your time of life, will make addressing the affairs of the estate easier. It is never too early in your working life to start preparing for retirement, and for those closer to giving up work, or who are already enjoying their retirement, having all your affairs sorted and a clear plan for end-of-life administration and management can be a huge weight off the mind.
When we are in the unfortunate position of losing a loved one, it is often the emotional toil of having to say “……. has died” that we find so difficult. To start with we will speak to the funeral director, care staff or family members but then we turn to addressing the affairs of the estate. The average executor has to notify 21 organisations, a number which is growing as consumer choice, service providers and investment vehicle options increase.
We also have a created a unique service for the bereaved and executors when they notify us of the death. In partnership with the UK’s largest banks and building societies, we have developed the Death Notification Service (DNS) which enables executors to make a single notification that is passed to multiple financial organisations, significantly reducing the emotional and administrative burden on both bereaved families and legal executors.