BLUE DOOR BESPOKE

The Estate Planning

Approaching asset disposal is a potential communicational minefield, but one of the reasons I started Blue Door Bespoke. That in conjunction with having witnessed the levels of stress my parents were presented with some years ago when my grandparents died.

Whether to do with probate and estate planning, downsizing or straightforward decluttering, we launched Blue Door, and have since been referred many times by the solicitors, or other professionals involved in the process, as we provide an “under one roof” solution. This means that our clients have only one team to deal with – aside from their solicitor – whom they trust, which simplifies the process and also reduces significantly the amount of potential stress involved with dealing with a much larger   cross section of suppliers.

Families faced with handling a probate situation are likely to be emotionally very vulnerable and require sensitive handling, empathy and understanding. Trust and transparency are key. Memories are precious and need to be respected as such, not ridden over rough shod or dismissed as part of any number of financial transactions. The course of estate planning and asset dispersal is no different.

Making plans for the financial dispersal of your estate when you die is a really hard eventuality to face, for all sorts of reasons – a bit like thinking about starting a pension when you’re only 22. But there is so much to be gained from forward planning and putting wills or trusts in place.

Not only does this make this a smoother transition for the executors and beneficiaries

– on both an emotional and practical level – but there are potentially significant other benefits also.

What we have found though is that other than the obvious assets such as property or a car, many other items are left unaccounted for, and their potential value overlooked and therefore not included. On that basis, it can make sense, when planning ahead, to either include these items or disperse them ahead of time, whether they are of significant sentimental value and/or financial value, and it is something we deal with frequently, working in collaboration with the family.

If the family decided for example that there are items that could be auctioned or sold, we will arrange for an auctioneer/valuer to visit the site for advice, guidance and/or valuations. We will bring in specialist collectors. We will also dispose of unwanted items that can be resold – rather than auctioned – to the charity/charities of choice.

If a property needs to be sold as part of the estate planning process – perhaps releasing capital for example – we also have a national team of trusted independent real estate agents, all of whom share our ethos and approach, and with whom we work closely so that we can project manage the whole process, including the final clearing if needs be.

The over-riding point here is that there is no master plan or a “one size fits all” approach. We will fulfil, as far as possible, what our clients need in order to meet the practicalities of their estate planning goals. It might be just a guidance consultation; it might be project managing a little or overseeing the whole project.   Each family’s situation is completely different to the next, and deserves to be treated as such.

By Claire Potter – Blue Door Bespoke