Introduction
Try as we may, death and taxes are unavoidable….. so being clear and thoughtful for those we leave behind is a gift that we can choose to bestow.
Clarity can start with drawing up a Will but there are many twists, turns and consequences beyond this simple act. The things that we have valued during our life are so much more than just ‘items,’ they need context and explanation and people who will treasure them. Are we certain that our prized collections and artefacts will be valued by those whom we have earmarked as recipients, or is it likely that they will be disposed of or even dumped unceremoniously by clearance teams or hasty well-wishers.
We are at hand to help you catalogue and curate your things, to facilitate them being passed on in the most appreciated, efficient and financially expeditious manner…..avoiding unnecessary wastage, tax burden and time.
Read on to see how we can assist you and those you care about.
NB. We are not Tax Planning or Financial Consultants.
Every Dragon has their Day
To be clear, even dragons are mortal despite their immense power and influence. It has certainly comforted the older, wiser dragons to know that their prized possessions, the things around them that reflect the richness and meaning of their lives, will benefit the younger ones and those that mean most to them. Their most precious treasures, vast caves, gold, sheep horns, cattle hoofs and soft feather beds can be allocated in the most expeditious manner, upholding the traditions and customs of plunder and prizes but without any arguments or stress.
A source of peace as the fire flames begins to splutter
Introduce your brand
The case for clarity
How clear are we about what we leave behind us and who gets to enjoy the things that we have long cherished. Have we made a Will? Who will want our ‘stuff’? Who will clear our collected debris? and importantly have we also given due thought to these matters?
There are, of course, many easy options for establishing a Will. However, assuming this first simple and necessary step has been taken, the inventory of our ‘stuff,’ it’s material and sentimental value, or its relevance to those earmarked to inherit it is almost always somewhat fuzzy. Let us ask the question whether prized and sentimental possessions have been catalogued and do we know if cash would be a better appreciated and more versatile legacy; and do we have any idea of how to get the best value for things we treasure?
How Clear is it?
In cases where we think the object would be appreciated, have we left any advice on its ‘value’, origins, its history, provenance or relevance. This applies to all forms of art, jewellery, watches, precious objects, furniture and valued collections that have been so special in our lives.
In reality we often think that our partner or offspring will skilfully deal with these issues when necessary but it’s amazing what actually happens. The clutter of our life lives on after us often requiring skips and clearance teams to rid the world of our detritus. At best it’s a thankless task for someone dear and at worst a wasteful one with things of value flung out at a difficult time without consideration of worth or real value.
Furthermore, for family members and executors to do their probate work and related administration tasks easily assumes that all information…financial, legal and material….is in one place. Passwords are made available, files can be deciphered, bank access and investments are clearly understood and thought has been given to making the process clear and well-planned. In many cases some specific notes to friends and family, general communication tasks require access to address books, email contact lists and so it goes on.
To Be Clear ……
What we do
We work with you to understand your wishes, concerns, requirements and limitations. We prompt you to consider all the things mentioned and to have a discussion about the desired clarity.
We assist with getting lists organised and completed, Wills made, solicitors identified, and life made easier and less stressful. Communication is an important aspect of our work; making sure messages are clear and properly directed, notes to special contacts and to family as well as to professional bodies and associates.
If required to, we help you unclutter, value your belongings, dispose of items and identify where specialist items may eventually go to get the best deal. Anecdotes abound but in a recent situation a person was most exercised by where their collection of racing bikes may end up since none of the family had an interest in them or any idea of potential value! In another case a collection of specialist books, uncatalogued, were left to a grandchild and it was subsequently ascertained they had neither value nor utility. In yet another case a highly valuable collection of watches became fully subject to the deduction of inheritance tax value when an earlier valuation and disposal of these gift would have been obviously beneficial. It happens frequently, but is also avoidable with some thoughtful planning, timely disposal or gifting.
To Be Clear
The Process
1 Assessment and Planning
It is Important to talk. A meeting is arranged to discuss the issues in confidence in a relaxed, open and thoughtful manner. There is typically some thinking aloud and the questioning of assumptions in order to set out an initial plan. The Principal players are you and your spouse or partner; other views can also be tested at a later stage if considered desirable or necessary.
Some basics are established:
1. Is there a Will in existence
2. Solicitor, beneficiaries, logistics
3. Financial Assets and access
4. Property related matters
5. Recovery plan for online access - communication
6. Non-Financial Assets, items and objects, their value and history
7. Know tax and related implications
8. Life-laundry items, paperwork and the stuff of ages
This exercise, assisted by easy forms and aids, builds up the outline of a plan. We write up the outline plan for you to consider and discuss. The outcome is a planning document that should be very instructive.
2 Acting on the Plan
The Planning document should provide a road-map for this phase. The appointment of an appropriate solicitor if required, the creating or revision of a Will, further exploration of tax implications and so on. Of particular note here is the plan for non-financial assets and items of value.
Having discussed the alternatives of objects or cash, this is when we establish a plan for items of value, artwork and collected artefacts and furniture. If disposal is preferable, where and whom can offer best value; we are able to manage this process via auction houses, specialist dealers and collectors. Alternatively, if passing these items on to beneficiaries is best desired, to whom, when and with what message.
3 Communication
Ensuring available access to e-mail accounts, social media sites, phones and other domestic accounts can save a lot of time and tedious detective work when the owner is no longer at hand to assist. Communication technology is such a major part of all of our daily transactions, from shopping to social interaction.
Facilitation, discussion and if necessary mediation is part of what we do if there are tensions on the horizon. It is essential to avoid the feuds, fall-outs and frost that often accompany inheritance.
You may want a form of words to send to friends and special people. You may want words that support the Will and the decisions you have made. We can assist with this although the agreed words will of course be from you.
To Be Clear
Where it started
A number of forces conspired to establish this service. Working with Family Offices around the world, collecting and disposing of art and antiques, advising friends and clients on the acquisition and disposal of valued artifacts, performing the role of executor and in recent years witnessing the confusion, waste and disagreement among beneficiaries. Perhaps most noteworthy, the witnessing of the loss of valuable items to hurried disposal or clearance or the avoidable burden of additional inheritance tax during the probate process.
We are a small team of professional people who have held board level roles in family conglomerates, consulting firms and FTSE 50 companies.
