Sadly we now all know someone who has been killed in Iraq; last year a couple of our friends were killed and these tragedies have shown that it is advisable for anyone working in High Risk' employment to ensure that they have made adequate arrangements for their families especially if you are married, have children and/or have dependants.
You should ensure that you have a up to date will. Wills should be current - if, for example, you get married then previous ones are null and void.
You should ensure you have made provision for those left behind. Check that they have access to funds as bills will still require payment. Remember that if you die all your bank accounts (including overseas accounts) will be frozen until probate is granted - this can take time (a minimum of 6 weeks). Signatories to any of your accounts will not have access unless they are a joint account holder. You should talk to your bank managers to ensure that your nearest and dearest have sufficient funds in the worst case scenario.
Ensure that you have adequate Insurance which covers you where ever you are working and that premiums are up to date. Remember if you die Life Insurances will not be paid out immediately. See advice on Insurance.
Serving or former members of HM forces may be exempt from IHT
If you are a serving or former member of HM or the Commonwealth forces, and have
seen active service, and in the course of that active service sustained a wound or
contracted a disease which relates to that service, your estate may be exempt from
inheritance tax.
With rapidly increasing property prices, more and more people are falling into the
inheritance tax net, and in many cases it is worthwhile investigating if the above
circumstances apply to you. There is a file of paperwork that needs to be available
to prove the exemption, and this is much easier prepared whilst you are alive, rather
than your estate beneficiaries having to do it.
For more information on this subject email the Operations Manager.
This advice has been given by Abbey Expatriate Services Ltd.
They specialise in providing financial advice to operatives working in the security industry. Many of their advisors are former military (and all UK and Internationally Qualified IFAs). They are based in Geneva. If you would like their details the please contact the Operations manager.
