Are You Prepared For Death?
As morbid as it sounds, the reality is we will all get there at some point and recently we have had sad news of some clients passing away. A lot of clients don't have anything in place for when they pass and the implications it has on their loved ones can cause more stress at a time when they are grieving.
Things to be aware of when preparing for death:
When one dies, Inland Revenue will require a date of death return which is the final income tax return up to the date of death. This is generally completed when probate has been granted and the lawyer has advised us, providing all relevant details and a death certificate.
Once the date of death income tax return has been filed with Inland revenue, the Estate may also be required to have an income tax return filed if it is receiving income from investments, shares or rental income. These will have to be filed till the Estate has been closed off.
It is important to advise the executor/s of your will that they are required to have these income tax returns completed and can be held personally liable to Inland Revenue if they distribute all of the Estate without having paid off any tax liability of the deceased.
Whutupōro can be of assistance in liaising with the executor/s and or lawyer to get all Inland Revenue requirements sorted. To enable you to be prepared we also provide The Life Organiser, which has been created to help organise your personal affairs and note important information should your loved ones need to access it.
For more information on The Life Organiser please click here or contact Fiona to discuss your affairs and preparation further.
Things to be aware of when preparing for death:
- Keep up to date documents (to the best of your ability)
- Having documents stored somewhere accessible
- A list of investments, shares, bonds etc
- Personal details and final wishes documented
- A trusted person to handle your affairs
- Appointed person to advise us of your passing and a contact to liaise with
When one dies, Inland Revenue will require a date of death return which is the final income tax return up to the date of death. This is generally completed when probate has been granted and the lawyer has advised us, providing all relevant details and a death certificate.
Once the date of death income tax return has been filed with Inland revenue, the Estate may also be required to have an income tax return filed if it is receiving income from investments, shares or rental income. These will have to be filed till the Estate has been closed off.
It is important to advise the executor/s of your will that they are required to have these income tax returns completed and can be held personally liable to Inland Revenue if they distribute all of the Estate without having paid off any tax liability of the deceased.
Whutupōro can be of assistance in liaising with the executor/s and or lawyer to get all Inland Revenue requirements sorted. To enable you to be prepared we also provide The Life Organiser, which has been created to help organise your personal affairs and note important information should your loved ones need to access it.
For more information on The Life Organiser please click here or contact Fiona to discuss your affairs and preparation further.
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