By Jim Sisson, Chief Financial Officer at Tower Street Finance When people pass away, they leave behind all kinds of assets and heirlooms. Property is often among the most valuable assets and managing property is a key concern for those tasked with dealing with an estate.

As many aspects of our lives move to the digital world, it’s unsurprising that the task of dealing with a loved one’s digital assets when they pass away is becoming increasingly common. A digital asset that is frequently making the headlines due to its growing popularity is cryptocurrency. Due to cryptocurrency only recently emerging (in the first decade of the twenty-first century), many are still unaware of what cryptocurrency is and may simply overlook the stage of dealing with cryptoassets during estate administration.

Arranging a funeral is a task that needs to be completed upon a death, but it can make an already difficult time even more stressful for those dealing with a bereavement. We appreciate that there is a lot to think about, so we have created this blog post to outline what is involved in arranging a funeral and how you can afford the funeral expenses.

Life isn’t predictable nor does it happen in any specific order. Some people may get married at 21 or others at 60. Some may get divorced while others may have an opportunity to move to a new continent every few years. Whatever path we are led down in life, there is one thing that applies to us all – we will experience events that trigger the need to create and update a Will.

This blog post explores how Inheritance Tax works and which other taxes HMRC applies to a deceased person's estate.

Due to more dynamic family structures and individuals increasingly owning more assets than ever before, it may not come as a surprise that inheritance disputes have been on the rise since 2015. Last year the Financial Times reported that contested Wills in the High Court had reached an all-time high in 2019, with an increase of 47 per cent on 2018. This blog looks at some common causes for inheritance disputes, what can be done to resolve them, and how to avoid them altogether.

Inheritance Tax (IHT) can be a difficult concept to comprehend, especially for those who have never had to attempt the complex process of dealing with a loved one’s taxable estate before. To put it simply, IHT is a tax that is paid upon an estate of someone who has died.

Death remains to be a topic that many of us avoid thinking about and do not wish to discuss with our loved ones, which can sometimes lead to absent or ineffective estate planning. According to the ‘UK Wills & Probate Market 2020: Consumer Research Report’, less than 4 in 10 adults in the UK have made a Will, despite predictions that the COVID-19 pandemic would encourage more people to plan for the future.

The tasks that need to be considered following the death of a loved one are not something you will face on a regular basis. Therefore, knowing where to start can often be daunting and it can be a difficult process to get the ball rolling. Whilst many people opt to instruct an estate administration specialist to help, others choose the DIY (do it yourself) route in the hope of saving more money to maximise the amount of inheritance due to the beneficiaries of the estate.