What Happens to Your Money if You Die Tomorrow?

29:43But in like 30, 40, 50 years, maybe I need to restructure it because those trustees might not be there. But yeah, this is the timing point, right? In 40 years, 50 years, that might be irrelevant. And it's still set up that way. But at the minute, yeah, it's my mom and my uncle are the people that would look after it. It's always best to think about what you're doing. So it's like if it was to happen now and then make it hygiene. So look at it every five years or so to make sure it's still accurate because some people try to plan well what's going to happen when we're 70 that might not be the case you might die and you know on the way home so it's important to think think about what the circumstances right now um and then so the only other thing would be um and then we can talk about what you want but that would be i'm assuming if you don't have a will you don't have your lasting power of attorneys in place either i don't know what that means so lasting power of attorneys are two documents you can do health and finances it's effectively if you were to lose um the capacity.

30:35So while you're alive - Like work insurance? You know who can pull the plug? Yeah. There's the person that gets to say like, yeah, I'm pulling that plug, mate. What? I thought you were not pulling it. No, I won't. I won't pull it. Yeah, you could keep attending the podcast if you want. Yeah, exactly. Just have you there in a bed, mate. It'd be so good. Just dribbling. No, it's that kind of like, who can control my money on my behalf and who can control my medical decisions for me? Again, you probably want your partner. Yeah, because right now she wouldn't have any authority to do that. Again, through court order she could, but again, it gets complex.

31:09And so a lasting power of attorney would allow, so if you die, that's one thing. If you lost capacity, it might be, like you said, paying rent. If you don't share joint bank accounts, you can't just access someone else's bank account. And so power of attorney gives you that authority. So we can't do that today because it's a bit long, but I would say we can help you as a company to get this order. We'll go somewhere else, but you can do it online with the government as well. Do your lasting power of attorney. We always say do them together because the power of attorney is actually, Evan Martin-Lewis said it's more important because it impacts you directly while you're alive versus your family after you're gone.

31:40So it's two documents you definitely have. But the only reason I said that is because you don't share joint bank accounts and we can talk about that later. And then so, I mean, one of the first questions we ask is we've got your assets. We'll write a proper, a longer list as well. but um who if you were to die today um who would you like to administer the world so what that is is you will work out what you who your beneficiaries are and what they would get um later but if the person making those doing that job which is basically liquidating your assets so bringing them to cash and then distributing them or setting them up in trust i got you mate what if i don't want them liquidated well no it's it's basically the person who will oversee your wishes in the I will.

32:22So I would do that in terms of like... Can you put two people? Yep. Can I put Damon and my partner? Well, no, because your partner's like a beneficiary. No, she's allowed to be... So your beneficiary can be an executor. Would you want that for her though? Because I can just basically go, just focus on you and the baby. I'll go sort the crap out. And do you know what I mean? It's like an admin task. Very big admin task. So do you want that for her? Yeah, no. You know what I mean? You're very much wanting to be an executor at this world, basically. Take a little bit off the top, like a politician.

32:54your executor fees yeah oh yeah yeah expenses vegas this is what he would have wanted he always told me he loved vegas i'll go spend it for him no i mean no i just want to be important that's all yeah because i want because obviously i've got investments i want someone who knows you know who'll make sound decisions on the investments and the assets and well it's a good guy to do that it's a very good point because what we find is a lot of people select executors like their partners or their children and they're not very good with finances. Exactly. It's the way I explain it, it's kind of like doing someone's final tax returns, but then also making decision on financial assets and pensions.

33:31And if you know that person is not particularly good at that and they're dealing with your loss and they're grieving, it's like the worst job you've given them. So what we would always suggest is someone in your network that you trust or at a cost as a professional executive services. But if you've got someone that really wants to take it and is comfortable doing it, that's what you can do as well. So we can put them down. I'll put Damo and my dad or someone. Yeah, yeah, yeah. Yeah, Damo and my dad. What you can often do is put a couple and say, I want Damo to take the lead. But then the fact your dad is there is make sure he doesn't go to Vegas.

34:03Make sure he doesn't go to Vegas.

34:05Sam Grice:Control oversight. Exactly. We actually, when we do it as a company, we actually suggest, even if someone wants us as a company to be the executor, we always suggest a family member as well. As well. So we'll do most of that grant work and all the tax forms and work with the government and they can oversee because they'll have access. It's kind of like access to the final accounts and then how it's all, the process of that is done. So we suggest that. So it could be Damien and your father if that's what you wanted. Awesome. And again, you can change this. It's not a - Yeah, afterwards you'll be like, get that guy out of my life.

34:33Get Damien away from it. And then on the distribution of assets and then we're nearly done. That's how simple it was. Are you serious? I was thinking it's going to be like a long process. I mean, if you're setting up trusts, which we won't do today, it can get a little bit more complex. But I think what we'll do is right now you die in test state and it's probably not what you want. So we can sort that out and then what you can do is read it and then if you're wanting to make additional changes, either talk to us or another or do it yourself. So on distribution of assets, at the moment 100 % is going to your son.

35:02Bearing in mind you might have more children I won't ask that now, but you might have multiple children at one point but is that what you want? I'll give you what I've done what's quite common is you can either gift everything to your partner and then let them decide how they want to use that money, whether it's supporting children or whatever. Or you can kind of split it, which is what I've done. So I've given, say, 50 % to my partner because I'm unmarried as well, and then 50 % to my son. So all my children, which is a key point, because if I had multiple kids in the next few years, I don't want to.

35:35So if you had two children, would you do 25, 25, 50 to your partner or would you do 33 % equally to all of them? I'd go, I would do similar, I would do 50 % to, so what my will say is it's 50 % to my partner and then the rest split evenly amongst my dependents. And don't forget the kids money gets time to grow and compound. Yeah, of course. So you can like specify how you want that to happen. So that 25 % can become quite meaningful. Whereas the 50 % is for today to live. And they're going to use it now. And like, you know, your partner might need a bit of time out of work and stuff. So it's kind of, I think like - I think 50-50 is very good.

36:09Yeah, 50 to my partner, 50 to my son. Son, yeah. Okay. And when we draft it all. A little slice for Damo. You've got those executive fees. Don't start to get paid on both ends. Yeah, yeah, we're Latin strippers. Fees. Fees. Fees. Entertainment. And on that age, so with that, which is a standard terms, would you want your son to inherit at 18 or a certain age? Can I stagger it? some at 18 some at like 25 yeah yeah yeah it's held in trust statutory trust on death so if you were to die it gets held in a statutory trust set up but it can be invested yeah yeah yeah and again you can you can you can put we can go into more detail later but effectively you can do that and you can get that out at different times yeah I wouldn't even need 18 because he's got his junior ISA so yeah I would probably do like yeah so I would probably do like 23 well when when did you kind of sort your life out a bit when we started the podcast yeah yes yesterday january 2026 um yeah you know i think he will be in a much better financial investment mind state because obviously i'm teaching him already in the podcast and yeah he's going to learn from the goat which is me and also a little bit from demo um so he'll be in a better financial position and like mindset than i so i trust him more 25 than me at 25 who's just like party holiday but so he'll be having an investing mindset so 18 for invest his junior heights and then maybe 20 23 for some more money and there may be some more money at 28 30 can you specify what the money's for can you say you can only have it to put a deposit on a house or yeah you can that's when it starts getting quite complex because you've got it the trustees have to start making decisions which i would suggest you speak to to to probably a solicitor about just to make sure you're not um doing anything you you can't but in general um you can you can split the ages that's quite easy statutory trust stuffers can we do something like if you need a deposit for a house, no matter what age it is, you can take this pot for your deposit.

38:11So not like at age 20, you can have it for deposit. Like whatever, if you want to deposit a house, you can have this money. But I don't kind of want to be like, you have to spend it on deposit because he might, times change. You might want to live somewhere else. You might want to, you know, do something else with the money. So I don't want to be like, you have to use it for deposit. That's why it gets quite complex. And so what can happen is you can, if you work for So, I mean, setting up a trust and then the trustees, you can give those kind of guidance on like what you want to happen because life changes.

38:38So, it might be that, yeah, he maybe does really well for himself. And at 25, you want that money to do something different or he wants to support someone with it. So, that's why it's sometimes better to have trustees and give guidance around what you want. So, like investment, again, it might be like real high risk because he's young, but maybe circumstances change and actually you're like maybe we pull that back to something a bit more conservative now. so yeah but I think I think as a start for this just to get a simple one in place if you just set the ages and then some and conditions on those but then we can we can get that in place and then if you're wanting to make it a bit more complex then yeah you can you can talk to one of our team as well no I don't want complexity is that it?

39:13yeah I mean so what about funeral wishes? yeah we'll get into it I was feeling so happy the biggest party biggest party anyone's ever been to and Damo's going to help run it yeah it's going to be like people are getting smashed at my funeral I want him to have a great time no tears just shots of tequila I can't wait till you die I'm not going to lie Devo's going to put a hit on me after this he's like I'm the executor and I've got a great party at the funeral sounds pretty funny next episode sorry T is not here you're all invited to his funeral yes I am you can read the will at the party you know out of the speakers yeah I can definitely do my funeral it'll be fun open bar open bar DJ DJ I want some like nice hip hop songs when I come out when they carry my casket many men wish death upon me do you want to be buried or cremated buried they're both horrible options yeah like the worms get if you're buried mold and cheese that's an option yeah mold and cheese always up there frozen you make me into cigar or something wow yeah and then Damo just smokes me you can do the tree one you know the tree I like nature bury me and then the plant tree in my so I'm there forever So you want to be cremated and under a tree or actually natural burial under a tree?

40:28No, put me as fertilizer for the tree. Yeah, yeah. Put the seeds in my soil, in my fertilizer, in my... Yeah, and then I'll grow into a tree, a tea tree. Yeah, natural burial is becoming actually really common. Natural burial. And it's better for the environment. Like putting a coffin in the ground is not that good for the environment. Cremation is not ideal, but if we make a tree out of... And a tree is like a beautiful thing. And it's creating oxygen and more life and little bugs can live on me and it'll be great. Yeah. Make me into a tree, please. Yeah. Yeah. Sweet. this is actually quite fun told you mate it's not so bad make me into a tree if i think of anything better than i can change it later but i want to be a tree for now and then the only other thing we would need um which um you don't have to disclose on this but it's around um the guardian so this would be in a circumstance where you and unfortunately your partner die again very rare but these things happen it would be who you want to raise your son which i know is quite a heavy conversation would be a conversation probably for you and your partner to have as well what'd you do what do you mean you put david in shot of our son yeah godfathers are quite common or family members but again what it's better to think about is um the they say like what's the most less disruptive thing for the child is normally for now yeah well it can be yeah like grandparents well you've got to think about age of that as well and sister maybe yeah i think siblings it's also a location thing right if they've got other children so my sisters have children for example so him him going with other children is quite a nice less disruptive environment so again we don't have to to it that out now but it's one thing we'll add in at the end which is what you need that's like such a a heavy thing to think about isn't it yeah i mean that's what godparents are for though isn't it like in theory if you pass away your godparents meant to look after my sister's the godmother dame is a godfather so you two figure it out no i would i would step up if i needed to i know you would yeah um the godfather yeah yeah but yeah i think i live up north up north yeah um and like you know uh gay your your son will be away from family in that sense so i think my sister would make the most sense i don't know he's like he sees a lot that close yeah yeah well that's that's pretty much it your will's done so we'll get that sorted and signed the the only other thing would be if if there's any you talked about painting like your painting of your your parent are there any like items that that you actually think would be people really want and you want to you want to pass those you know yeah this bad point um all my gold collection i got a lot of gold yeah my car uh and the rest is like laptop would you like so the problem is would you would you want that to be sold in the cash or would you like people to get individual items oh no no individual items i'm not selling any of my stuff yeah okay so that's a great thing for yeah he keeps saying to me he's like can i have your trade i'm like i'll get you one one day he's like i want your one okay i'll get you one when you're a bit older.

43:10Well, you could get yourself a new one and give him that one. Yeah, I could do. But not when he's like three. No. Someone who will play will have that. Yeah, yeah, yeah, yeah. But yeah, I had a quick question. The difference between having Will and not, if, because we didn't talk about the incestes, incestes, sorry. Dying incestate, yeah. Intestes. Yeah, dying incestate, yeah. Intestate, sorry. Sorry, I've been trying to... Doesn't that mean bollocks? Yeah, it does. I know, yeah. I was trying to not say incest and I ended up saying something else um whatever that word um if you die without a will how much do you have to pay to for someone are there extra costs for say like i died today are there costs for my partner to get access to my like legal fees and legal fees and it's also how long does it take those two questions so not like not directly it's not like a there's no punishment for not having a will it's more the the time and complexity of of settling that so um and going through court And so it definitely extends the time.

44:08So on average, probate can take, say, 12 to 18 months. You're well over two years now if you die without a will. So if your family don't have money for rent and you're the primary breadwinner, that's why I'd say as a partnership, another thing, these are outside the world, but you should set up a joint bank account and rainy day funds, which are always a smart idea, having something just in there in case something was to happen because that doesn't get frozen on death. So a joint bank account is both access to that. So you could have, say, three months rent or whatever, just set aside in a joint bank account so that they've got immediate access.

44:40So, yeah, it can be tied up for a long time if you die in test date. So there's a consequence on that. And then so for that reason, the indirect costs are attached to it. It costs about, I think it's£9 ,700 in general to die without a will. £9 ,700. Yeah, and that's just increased costs around it. So if you think about, you've told us there are a few things, but you haven't probably listed all your assets because you haven't come to mind. think about someone who doesn't know anything about your assets having to find those. So it takes time. It's kind of, it's an investigation really. You're trying to dig into where the assets are, liabilities, there's searches.

45:14It's really... £9 ,700. So yeah, that's really bad. And it can take up to two years. Or longer. Or longer, yeah. So very important to get it done. And like for your example, I mean, if you haven't explained to someone about your crypto assets, that might... They can't access it. Yeah, that's just tied up. It might be the best, you know, the best inheritance ever. Just not. What do you do about digital keys, if you will, like a digital world? Because obviously the whole point of crypto is you don't write those things down and store them in a place that other people can find them. We get asked about it a lot and whether we're going to do something about it.

45:47It is hard because, yeah, you're right. It's like you could create a, you know, private, secure, safe somewhere. And still it's the weak point, right, because someone gets into the safe, got the keys. So it's like it's quite tough. So I think it's ultimately up to you how you want to, whether you give that to a person you really trust. Again, not giving advice on that. It's hard. Especially if you've got like a lot of Bitcoin or a lot of crypto and you're like, yeah, here's access to thousands, hundreds of thousands, whatever. But for one thing I've got is for my cold storage, one of them is a fingerprint scanner.

46:16If I pass away and she doesn't have the keys to access it and the only other way is my fingerprint, can they do anything? Can they like take my finger off my dead body and just like access it? If I leave it, like, yeah. Probably not, I'd say. But, yeah, I'm not sure what you'd do on the thumb. Well, like the facial recognition ones. I've got the admin, mate. I'll be there in the morgue just like... Snipping off fingers. Doing what I need to do. Getting it done. He would have wanted this. Stop. He died without his thumb. Yeah. Just wear my thumb on your neck as like a necklace. Yeah, yeah, yeah.

46:47Hopefully you don't end up in like an unfortunate hand accident. Yeah. But I need that hand. No, but I think crypto is quite an interesting one because it's a growing asset class and a lot of people have it. probably at the age they haven't thought about death. So I think this is going to become an increasing thing. But I guarantee you these people today are dying with crypto assets and they're probably tied up. It's pretty bullish for Bitcoin because it's just going to keep, people are just going to keep dying and losing it. So the supply is going to get even more. But I mean, I don't think this is just a crypto problem.

47:14This is a bank account digital problem, right? Because I don't think my partner will know every account that I have. You know, like every bit, savings pot and pension and asset brokerage account. And it might seem small, but there could be like a few grand here, a few grand there, and it all adds up. So I mean, we're a professional executor. So there are systems we can use to search for assets. People want to see, so once we're the executor, so you've got a grant you the right to look for certain things. But yeah, you're right, but not everything can be found. So it is really, really important.

47:49And when we give you a walkthrough and read through the assets we've listed, you might say, you start to think of them, even pensions. Some people have worked at five different places, five different workplace pensions, haven't consolidated, which they should do anyway, but say they haven't done it. It can get really complex. And so the costs attached to dying intestates, actually more that it's, well, you know, we're starting with no information. So at least you've given us a majority of the information to, it's like clues to start looking. But if there's no clues, I mean, I mean, you probably talked about it a lot, so people would know, but there'd be a lot of people with crypto.

48:16I've got a lot of crypto. I don't think anyone knows I own any crypto. So that's gone.

48:20Sam Grice:They do now. $5 wrench attack. Yeah, exactly. So, yeah, so it's important to, and I guess as just financial, you know, health keeping, you know, you probably encourage your listeners to keep on top of their finances and think about it. Just use it as part of that and just keeping everything you've got. You don't have to list, that's the other thing, you don't, in the will, you don't have to list the values. So a lot of people think you have to, you know, work out, working out your estate values is important for inheritance tax, which I'm sure we can get to. But just a list of what you've got is enough.

48:52In the will. Yeah, you don't have to say how much is in it. And then you can just put percentages? No, no, because your estate is all summed up and then distributed on the percentages. So the amounts don't really matter. So if your crypto increased rapidly versus another asset, if you're still giving 20 % or 50 % to your son, still 50 % to your son. So it doesn't matter. But what the assets are is more the guide for the executor rather than actually how much it is. Because that can change. because you might have$200 ,000 in a savings pot for a first home, but then you've bought a first home. And just because you don't write it in your will doesn't mean it's not included, another misconception.

49:28So if you've written your will and then you say you purchased a home, that doesn't mean it's not part of your estate. It just means it's not on that list of assets you originally gave, which is why it's important as you get substantial assets each time to look at your will and update it. And you can do that. It doesn't even have to be in the will. So it can just be attached with the will. yeah how much would that process cost as he just went through there with you know broadly do you think well without going into it's yeah I'd say without a property maybe two and a half three grand with a professional executor to do all of that do all the accounts settle everything no sorry the will writing process yeah to write a will I was like that's a lot online with us is about 100 pounds but we also run two campaigns a year where we partner with a lot of charities and other causes where you can write them for free um that's a very simple what we just did then so as as as damo said if you want to go into trust and more complex stuff and you can pay a little bit more but even our most complex so the most bells and whistle will we've got is 399 pounds yeah so i you are you are i did mine for a solicitor a while ago and i think it was relatively expensive quite complicated it was still 500 so you are cheaper but these are not like they're not like legal document legal fees with a solicitor it's not thousands.

50:43No. Under 500 quid for the most complicated kind of jobs. So that's for us a will we call a will with trust which is some of the stuff you were asking like if I want to do this and I want him to pay for a deposit that that trust discretionary trust generally and a solicitor it's better for a solicitor to draft those because sometimes we get a lot of people try to do them themselves and you see the wording and you can go this could cause a bit of conflict or might not be what they exactly wanted to happen and there can be tax implications as well. And so we'd suggest, as I said,$399 or$599 with a lawyer.

51:12If you're paying north of that, you should really maybe go back and ask around. The only other document you'll normally get sold with a will is a power of attorney, which we talked about. Again, they're quite lengthy documents and quite important because you've got your health, which is switching off the machine or making actually health decisions for you. It can get quite meaty what you think people might have to decide on your behalf. And so, yeah, again, it's a little bit, I wouldn't say it's a morbid subject, it's just one of those ones that needs to happen. More detailed. How much is that?

51:42So they're$499. Mine was expensive because a company limited company director with co-founders, William at the back. And if my partner inherits the company, it's like, how do we maintain, how's the control set up? You don't want my partner to come in and be like, I want to change the business. And we'll be like, well, you don't know anything about this business. So there was added complexity because of being a limited company director. In the power of attorney or in the will or both? In both because it was like who inherits my equity within the businesses? What happens? There's also insurance around those key man risk stuff.

52:14And then also my son under trusts because I don't trust him. I don't trust him not to blow all the money. So yeah, that's probably why I needed slightly more complex. But it was like I say, 500 quid for the most kind of, I'm probably not a normal person in the sense of multiple companies. and the desire to have trusts and setups and stuff. I mean, we've had people with, you know, I think 90 million was one of our wills on the online system. So some people, just because you've got money doesn't mean you need a complex system. Some people are literally, I just want everything to go to my spouse.

52:50And I mean, it's a simple will, right? Yeah, yeah. And so, and at that point, that's fine. It's when you, yeah. It's not the amount, it's the like the amount of people involved. Correct, and conditions. And as you said, if you own a business, it gets complex but if you've got a business or you're wanting to gift specific properties if you're lucky enough to have multiple properties that's when your trust can become quite important but just because you've got a lot of assets doesn't mean you need a complex will and so that's why we price base our will is a price base on complexity so it's like how much work does it take to do the will rather than the percentage of your estate some law firms will charge a percentage of your estate which can get wild so that person with 90 million I think he paid us£100 versus what he would have paid a solicitor.

53:34Yeah, it would have been a very expensive will. Yeah. Yeah. It's kind of nice to know that it doesn't matter the amount. You could just get one set up. Or maybe you could just get a simple one set up so you box ticked and then think about it over time. Yeah, well, I mean, the one you'll have today is a simple will. But effectively what that means is if something wants to happen to say tonight, touch wood, your partner now is being looked after in your wishes, which wouldn't have been the case yesterday. And that took, what, 10 minutes? And so what we would say to people is, the word last will and testament, people assume I'll do it on death.

54:06It should be, that's your last one. Yeah, ongoing will and testament. Yeah, you should always have, something's better than nothing. And then you can relook at it and say, actually, no, there's a few things, maybe sit with your partner and work out what she wants. And because you've got that inheritance problem is where she might inherit and then she might die. And there's just little things to have, quick discussion, you don't have to spend all night talking about it. And then you can get these documents done really cost effectively. um and then as demonstrate the start can be quite oh that's actually quite quite nice it may feel good i told you like it's a nice thing it's not it's not negative i don't think we should look at death as a negative no we should look at it as like a a celebration of life in that sense like the planning for death is a celebration of i think the ignoring of death is a negative thing to do do you you mentioned inheritance tax so i just want to have a little chat around that um you know how how was that how does that change the will writing process how are you considering things like inheritance tax within within wills yeah so i mean the first thing is if you're married or not um and i think a lot of people uh especially many of the meals are in partnerships and they're not and and they haven't got married and so the implication of that is that you you can gift all of your estate to your spouse inheritance tax free which is a big tax benefit um so if you don't have that then you've got your nil rate ban and residential nil rate ban which we can go into So if you don't have a will, then the implication can be that if you die intestate, even if you're married, as we discussed, it doesn't all go to your spouse.

55:33And so what you can then do is end up paying inheritance tax, even if you didn't need to, just by not having a will in place. So the way the wills of intestacy work is that your spouse would get$322 ,000 first and then half of the rest and then the other half distributed between the children. So I know it sounds really complex, but in essence, what it means is your children would inherit some money and over certain bands, they would pay tax. So what you'll see is a lot of people, even if they're married without a will, are setting them up, setting themselves up for any inheritance tax pool that they don't actually want to pay.

56:03And their wishes would be, I want everything to go to my spouse anyway. So, yeah, there's no like direct increase in inheritance tax if you don't have a will. It's more the way that the laws work and how tax is incurred that can impact people. So it's like a silent tax that they didn't know was going to happen. So getting married, it does have benefits to tax, if that's what, yeah. Yeah, when you die. Yeah. Can't enjoy them now. No, no, no. I think we're going to do another episode on a book, and in there they frame the will as like, this is if the worst happens and you die, but at a point of death, you should probably have already distributed your funds ahead of that.

56:43Yeah. What about like gifting rules and things like this? Yeah. How do people understand those? Yeah, so there's a lot of misconceptions around gifting rules. You've got your, you can gift$3 ,000, which is tax-free, once a year. And there's allowances either year, similar to other taxes. So it is, like all taxes, it can get quite complex based on circumstances. But you can gift as much money as you want to anyone inheritance tax-free. But you have to wait. It's the seven-year rule, which a lot of people talk about. And there's conditions about if you were to die within those seven years. But yeah, if you're 50, 60 and you're pretty confident you're going to last more than seven years, gifting is something you can do.

57:23And a lot of people think you're limited by, say, the 3 ,000 or they will remove some of their nil rate bans or residential nil rate bans, which is not true. So yeah, you can gift. So later in life, you can decide to gift it all to your son. And as long as you survive seven years, there's no inheritance tax bill. If you don't survive the seven years, what happens? So you give your son 100 grand and then you kick the bucket in like five years and then they've spent the whole 100 grand. Then what the government's like you owe us, inheritance tax. Yeah, so there's what's called taper relief. And so what that effectively means is it gets complex, but in essence, they add the gift back to your estate.

58:00And then that's so that's 100 ,000. So it'd be whatever the estate was on death plus 100 ,000. That's the total taxable estate. And then you get taper relief, which is between three years and seven years. The inheritance tax you paid, the percentage just gets lower. again it's it's it's it sounds overly complicated it's actually not that complex and if you've got an executor they do all that calculation for you so again it's it's if you're giving that to someone if you've gifted out say to five people and you've made the executor of your will someone who's not very good with finances it can actually get quite complex and so yeah if you if you're doing stuff like that um a professional executor or someone who knows i'm like demo someone who's good with money would be helpful but yeah it's taper taper relief something that most people don't understand so they'll think i have to survive seven years or not and then it's like it's binary but it's not and so you do you survive six and a half it's going to be a lot less than if you survive one year i think i mean i don't quite know this but i think it sounds like 16 versus the 40 so it gets taper leave comes down quite quite rapidly um and so there's benefits on on that as well and so if you haven't spent your money through your life and you are thinking yeah let's let's let's gift there are advantages of that as well.

59:07But what you'll find is a lot of people's assets are tied up in residential property, so you can't - Can't give their home. So again, it gets complex if that's what you're wanting. They could look at equity release maybe and gift at that point. I think it's about the glory. You want to look into the whites of their eyes when you hand them the money and be like, tell me I'm a legend. A lot of people are, and a lot of think a lot of, because a lot of people are living longer, I think they're wanting to, and a lot of people, I think probably the idea of seeing your children spend the money or get themselves financially stable before you die is actually quite a nice idea rather than on death and then you don't see it happen.

59:47So yeah, a lot of people I think are choosing to gift. An impact. Not just a tax benefit. It's actually just, well, it's your estate and you can see your beneficiaries benefit from that while you're alive and see them have what they want to do with that cash. And it's like point of life. you know gifts in the 30s are much more impactful than gifts in the 60s and 70s yeah in terms of like life outcome right yeah um and you know if i know that the get the age is getting wider but i think it's typically about 20 to 25 years between parent and child in older generations like current generation so if they're living to 100 the kid could be 80 and at that point they don't even want to spend the money you can't do all the things that you would have done when you No, yeah.

1:00:28You can't go skiing and you can't, yeah. No, so a lot of people skip generations at that point. So grandchildren, so rather than gifting to their kids, if you've got kids and your kids are in their 70s or 80s, yeah, think of grandchildren and other ways of gifting. Or charity. So a lot of people, so about 40 % of our world is included gifts to charity. And that's becoming really common. Do you know who the biggest one is? Biggest charity? Yeah, I know that Ralph Harris in the past used to do that animal hospital and they had the donkey sanctuary on there. Yeah, the donkey sanctuary. And they basically said, please stop giving to the donkey century because it gets so much money.

1:01:01Yeah, the donkey century is surprisingly popular in the UK. I'm not sure. Because of that Ralph Harris show. Oh, really? I think so. The adverts were just so convincing. It's like, this is George the donkey. He's had a hard life. And it's like this violins. And he's just like stuttering a lot. Yeah, yeah. Take my money. I didn't realize the UK had so many donkeys. But yeah, it's a really popular one. But the big ones, like we deal with a lot of charities, but you know, and those specific type of charities can help people as they die. And so you can see there's a, you know, you've helped me over the last 10 years.

1:01:35I'm going to give. And because all my money is tied up in my house, I haven't been able to give to you, you know, the yearly 50 pound to Macmillan. So on death, yeah, when you distribute my assets, I want a percentage to go to charity. And back to the original point on what can go wrong, if you don't discuss that with your loved ones and they see a big gift to a charity, which does happen. Yeah, that can happen. And so someone can say, well, you know what, actually, Macmillan or one of these charities really supported your father through his illness. I'm the surviving spouse. I want to give, you know, 50 % of my estate to Macmillan.

1:02:08It does happen. If you don't discuss that with your children or beneficiaries, that can cause conflict on death. And so if you're going to do a large gift to charities, just let them know. And I think when people know and understand the reason, it's less of a conflict. But if it's a surprise that after they die, all emotions are going to be flying. Especially if it goes to, like, the nurse or something. you know that's looked after them and it's like well you weren't here you were living in australia and now you're coming oh where's my money well it's gone to the nurse who's you know looked after me for 10 years yeah yeah what last question then so and thank you for all of that i think it was really clear and insightful and practical uh and thanks for putting up with our terrible jokes and laughing beyond money what are some of the more meaning meaningful things that people can leave that you would think they should consider?

1:02:54Yeah, I think for me, it's the emotional side, which I don't think people talk about enough. So I've got a young son. I've left him, like I've made videos for him of me cooking because I love cooking. And so it's like, you can think about more. And it's like, when we get past that, it can be morbid phase. It's actually thinking in a world after me, can I still be around in his life for a little bit? And actually, yeah, I quite like the idea of that and supporting him. So I think, and even if it's notes, just messages, you know like again it's it's heavy things but you might not be there for his his wedding or or you might not be there for him going to university or getting his first job um you know it takes what five minutes to write a note um that says something and you can leave that and pass it on to him uh or your children and i think people don't even think about it it's like an afterthought um and the way i think of the will is it's your last conversation with your loved ones and there can be the financial and trusts and you're getting the deposit on the house and that's all very functional and legal and financial what about the emotional side of things you know you're if this worst event has happened and the trust has been set up that means you're dead um and why not leave a note or a message for them and i think that is is an afterthought um and then um and messages about gifts which we've talked about this a bit but really going into why you're doing everything um is definitely an afterthought people don't do it that's a great idea but i would just I need a lot of key necks I need a lot of key necks for that I know that's what I mean I'm sorry I'm not there on your wedding day but what we find we give out these boxes which kind of contain things like this prompts for people to use and one of the things we included was a dictaphone and the reason we included a dictaphone was that your voice is easy so it's like voice is easy so you can just put a dictaphone there I mean your voice is going to be I mean you're getting emotional just talking about it Honestly, man, you guys, I need some Kleenex out here, guys.

1:04:45This is why I can't do a wheel. I can't do any of this stuff. You've done it, man. It's too much. You've done it, man. I've done it now. Job done. But your voice is something that I think for mum died when she was 60 and we had phones and stuff. But I don't have any proper videos of her. Her voice is kind of hacked together and odd videos and stuff. But I've never had her, even sitting down with a conversation. So we, for example, I've sat down with my dad. I'm from New Zealand. And he came up and I sat with him for an hour and just talked about his life on camera. And if he was to die tomorrow, I've got him for an hour talking about his childhood, his memories.

1:05:20And it's like, that's not morbid at all. That's his life. And it's getting, that first step's quite hard. I mean, you don't have to sit around and if you're listening to this, I'm dead. It doesn't. The worst has happened if you're watching this video. Yeah, but it can be just your voice. And it takes you five minutes to record something. And I tell you what, that will be more to him than his crypto and his trust, I can guarantee it. the crypto and the trust might help, but the emotional side of things, which I don't think people think about at all, which I think is a shame. Dying is one of the most human things.

1:05:49Being born and dying are the most human things we go through. I don't have so much from mum I would have wanted. A big part of what our company is trying to do is spark a conversation around, this doesn't have to be depresso. It's emotional, for sure. We were running a startup. I was pitching some of the biggest VCs in the country and partners were crying at the table. It's because it's human, but that's what we're trying to build and it's really, really important. Even today, how long this has been, you've written your will, you've thought about maybe something you might do for your son afterwards, record yourself on the way to coffee, just your day and I think that's just little things like that can make a massive difference.

1:06:31You can watch these episodes, mate. Yeah, exactly. I know about my son all the time. My son's always like, oh, your content's so boring. And I'm like, maybe one day when I'm dead, you'll watch it and be like, oh, my dad was actually all right. You know what I mean? Yeah, but I mean, you've got, that's a huge advantage you two have is video content. I mean, a lot of people don't have that. And the world of AI is crazy. I was about to say, I'm getting AI'd up. I'll be here in 300 years. You'll be there, buy an index. Buy a global index. Bitcoin to the moon. well i think that i think it's something like you only need three minutes of someone's voice now to nearly i keep thinking that we're going to get scammed because like they've got thousands of hours of us talking and i'm like there's gonna be like some guy like hey it's me to main i'm gonna send me all your crypto or like yeah give me i'm worried about that don't don't believe that if you ever see that yeah guys i'm not asking for anything um except to come to my funeral have a great party that's it well you run it when you run businesses you get a lot of um you know co email like it's really important to do this now.

1:07:29But yeah, they're going to start getting your voice and calling people and it's really hard to know. They've got voice calls where they call you, they don't say anything and you go, hello, hello, who is it? And then just from you saying that, they've recorded your voice and then they can use it for other things. So recently I'm like, hello, and they don't say anything. I'm like, they're trying to steal my voice. So I'm just like, I don't say anything when I answer that. It's really freaky. Yeah, I mean, we need to finish. But I know that the one thing I take from that is when Photoshop was invented, people were like, they're going to be able to make photos of anything we can't trust them and we somehow developed a sense of what is what is trustworthy imagery so i hope that we see a continuation of that in terms of we kind of figure out a way i mean it feels like it's a harder thing but yeah if you look at when photoshop came about people had the same paranoia of we will never be able to trust an image again yeah and you can photoshop pretty much anything yeah but we do know we know like instinctively hmm yeah it'll be in an AI world I think human to human face to face interaction is going to become probably quite important because it's the only thing you know is it's why people are buying live events like all the billionaires are buying football teams and live nation and all this because I think they know that the human experience will become quite valuable yeah yeah would you rather pay three pounds for a pint than a robot bar or ten pounds with a with a human I think there'll be a market for both of those is it in Vegas

1:08:46Sam Grice:what kind of robots sexy robots sex robots thanks for that mate no no problem it was so good fucking always talking about sex robots you want to get the sex robots in somehow thank you very much apart from making me cry that was really good I mean that was that was a first yeah bloody hell yeah the notes the thing about the notes right is you go through all this effort you write all these notes you film all these videos and then you're like well I kind of want him to see them do you know what I mean like there's like a morbid I obviously don't want to die but you would be like it's like the hope is that they never see them but like at the same time you're gonna die one day right yeah but you might not actually have those conversations with your with your son or loved one like the conversations where you sit down and you go like oh this is how i think about you and i love you and blah blah blah we tend to not have those conversations yeah and you might say stuff on video that you then never actually say to their face yeah and it's kind of like yeah i think like people have bad relationships with their parents and they die and they leave them loads of money and it's like yeah but like you weren't there my whole life for like you're always working i never saw you but then you leave me loads of money but it's like would you want to have the experiences or the money or like a balance in between yeah yeah maybe you should maybe you should like film a video and film a video if you die and a video if you live yeah so you go like here's a video for you on your wedding day if i'm dead blah blah blah and here's the one that if you live and i'm you know you're five at the minute and i think about your wedding day and this is what i hope or whatever and then you can show them the live version yeah well because I've got a two-year-old and we're even thinking, it was like when he turns 18, like, you know, as they grow and there's lots of things they do that they evolve out of and you forget.

1:10:24It's like active commentary on being a parent. It's quite, like when you look back at 18 and see what your parents thought about you when you were three, it's actually quite cool content. Even if you die or not, but if you do die, it's even more important. But if you don't, it's like, oh yeah. Why didn't you record anything between the ages of 12 and 18? Wow.

1:10:41Sam Grice:You were an OVAD man. You were an OVAD man. Absolute waste, man. Honestly, yeah. Yeah, my son will see this at the minute. He's difficult. Testy, as you would call it. Intesty sounds like the right word. I'm sorry. I'm sorry. I thought it was a legit word. Thank you. So go on, Tomei. And how does it feel to have a will? Big in the game. I feel like I'm really adulting. It's like a big, big, big moment for me. Did get a bit emotional at the end, which is what I was, the whole point of me not wanting to do it, because I know it's a depressing emotional subject. But I think we went through it really well, knowing the difference with having a will and not having a will get to go home and reassure my family that they're all taken care of yeah I feel really good feel really mature responsible yeah yeah we'll link the service below to Sam Grice's service so that you can check that out if you want and get a will like to Maine yeah sign seal delivered cry like a little bitch little bitch cry like a little bitch I mean he could keep that in if he wants I thought it was a bit mean.

1:11:44Nah. It's not mean. It's not mean. Where did you go, my son?

1:11:53Little bitch. Before you go, it's really important to remember that nothing we said there was financial advice. The reason it's not financial advice is because it's not tailored to you. If you want advice that's tailored to you, it's worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you. I'm Damo. I'm T. Jack and Ben from Flowspire, film and edit for us. Ruth's our producer and Will is the co-founder at most. See you next week.