It’s not something we tend to think about… the admin after death.
I mean why would you want to think about it really. It would mean thinking about your own death or that of someone really close to you. It’s only once it happens that you really understand the full weight of Probate Administration.
We see so many time that being an executor, even for relatively simple estates, is actually a daunting and often drawn out process. Especially if the person who passed doesn’t have a will.
Don’t leave the biggest burden to the people you love and trust the most
The 2021 Bereavement Index by Exizent interviewed over 1200 people in the UK regarding probate admin required by an Executor. They discovered that:
87% of those interviewed found Probate to be a stressful process
And the study didn’t take into consideration more complex estates, as a property investor you’re potentially leaving your financial administration to someone who is neither qualified or mentally able to manage what could be a long and complicated process.
Even if you have a solicitor they probably won’t have the correct documents, leaving your family to scramble together passwords and documents.
97% of solicitors rely on the knowlege of the executor & the physical documentation they provide
What Can You Do?
Well, as with everything if you want something done probably you’re best doing it yourself. And unfortunately a lot of this does rests with you, the person who will ultimately pass away, leaving their family with a double edged sword; a wonderful legacy gift, and a headache of an estate to manage.
So let’s take it step by step, the DIY succession planning route has some pitfalls (and I would know, I’ve done it all myself to get to this point with Legacy Guardians!):
1. You don’t know what you don’t know
Wills, Power Of Attorney, Probate, Protective Property Trust… it sometimes seems like the estate management industry is some secret club with their own language and processes.
2. You talk to 3 different professionals and get 3 different answers
You need a degree to work out what answer works best for you
3. The professionals you talk to can’t do it all
Leaving you to peice it all together; and one doesn’t mention the other for some reason, that would be too easy!
4. It takes a long time
I was on 6 months+ with mine, and at certain points you’ll just want to forget about it! Afterall you’re not going to benefit from it.
5. You question every decision
You get one thing done, only to find out that you should have done something else or there was a better way to do it.
How can we help?
Here at Legacy Guardians we’ve been there, I’ve been a landlord for over 10 years and have 15 family lets with my husband. It’s only after my Dad passed away at just 56 that we thought seriously about getting everything together and even then it took another 5 years to actually get around to it!
What we’re offering is a short cut to peace of mind. For our clients to sleep soundly at night knowing that your Legacy Guardian will be there to help your family through what will no doubt be a very tough time (I mean, you’re awesome, they’ll be devastated).
We have a proven framework that we work through with our clients to get all those important documents like a will or power of attorney organised and in place. We then use our live feed inheritance tax calculator to show you where you can make savings in the future, as well as highlighting any pitfalls your family might come across.
Once that’s all done we offer unlimited updates of documents we have put together and you can take on our VIP package where we will send out cards to your trusted contacts who will simply meet with us and we will take over the full probate process. Managing the estate from start to finish, and of course taking on the liability of being an executor, which is not something to be taken lightly.
Get in touch
Here at Legacy Guardians, we’re building a team of Specialist Property Administrators focused on organising Landlords’ important documents into a Digital Vault; with the ultimate aim of supporting their loved ones through Probate Administration after they pass away.
But more than that, once everything is uploaded we can help keep you organised for the dreaded HMRC tax investigation and hopefully look to give you some help with planning for retirement and inheritance tax.
Best of all, once live our VIP package will offer unlimited updates and £500,000 in free landlord probate administration.