Book needed

tylwcus

I'm looking at sorting my long-term finances myself and need some books to help. I have 3 frozen pensions from previous employers but none at the moment, have a 20 year old will that needs changing, and 2 children to cater for when I die. I know there's a wealth of information on this site but would like to read into it further. Can anyone recommend books on the following subjects:

Pensions - easy to understand without too much jargon
Wills
Inheritance tax
Any other subject I should know about.

I'll need to weigh up whether or not it's worth paying for financial advice but would like a stab at doing it myself first.

Thanks everyone.
Jan

polybear

Hi,

The Books published by Which? Magazine are pretty good, and what's better are usually held by local libraries so you don't have to buy them either. The Libraries usually hold a pretty good selection on these subjects.

I've acted as Executor to Wills several times, primarily based on information and advice from such books. Saved a fortune.

My best piece of advice (unless you have no choice) is never to name a bank or solicitors etc. as Executors in your Will - they charge big time (often a percentage of the value of any property i.e. House, plus a percentage of money etc.). It's much better to name a reliable relative or friend and let them choose if they need any professional help. A list of Bank accounts, insurance policies etc. etc. plus any useful notes (where things are kept, holders of spare keys, alarm codes etc.) kept with the Will AND KEPT REGULARLY UPDATED will make life much easier for the Executor. Hope this helps.

polybear

Willman_Rodders

Hi tylwcus,

Do you value your time?

The reason I ask is that by the time you have read your books, and understood them, you will probably have more questions than answers.

Prior to being a will writer I was an IFA. I studied for several years then realised there was still so much more to learn.

The government keep on trying to simplify pensions but at the last count I recall there were something like 20 different types of pension! Each one was subtly different from the other. You had four different pension regimes; pre 1986, 1987-88, 1988 - 2000, and post 2000, and their might even be another one now.

Your frozen pensions will need to be looked at; its not just a case of switching from one provider to another - there is a long checklist that needs to be completed before a decision can be concluded. This checklist has been created to ensure best advice is given to the client. Most financial advisers now use specialist departments to undertake the research.

With writing your will you can save money by doing your own - but it is usually a short term saving. There is a high probability that you will fail to include the necessary powers for your executors to do their job. (All the library books I have read include three to four of these executors clauses; a professionally drafted will will have 15 or more) You may use a phrase that is open to confusion - and in which case the only solution is through the courts, and the costs associated thereto. For 1 and 1/2 hours (maybe 2 hours) of your time and £60 - £90 the task could be done. Complete.

My advice would be rather than spending the time reading up on books to spend your time researching an IFA who you can trust, who does not charge expensive fees, and who is suitably qualified for your needs.

Similarly spend time finding a will writer who can talk to you so you understand your options (including trusts), does not charge the earth for producing your will, and offers a high level of service. The IFA you choose may well be able to recommend one.

Polybear's advice is (generally) good. I have (generally) found solicitors and Banks tend to promote their probate services to the exclusion of the much cheaper option of you nominating your family. A will can be drafted to include a clause allowing your executors to employ a solicitor if needed (all mine do); by doing this it means that your executors can look at the job required at the time of your death and if the task is too much for them (e.g. property disposal, trust creation) they can then employ a solicitor or other professional person. If they can do the tasks themselves they do so. Importantly, the choice is theirs.

dunstonh

Prior to being a will writer I was an IFA. I studied for several years then realised there was still so much more to learn.

I reckon it took about 2 years for a lot of it to sink in after the training and exams. Even today, more than 15 years after I started, you still pick things up. You never stop learning as things constantly change.

My advice would be rather than spending the time reading up on books to spend your time researching an IFA who you can trust, who does not charge expensive fees, and who is suitably qualified for your needs.

Its a good point. For example, investments done in April on advice terms are already in surplus with cost of advice covered. It doesnt need to be expensive.

EdInvestor

Post some specific questions on the site first.You may find the answers are quite straightforward and there's no need to bother with all the books...