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The Life of Brian Riley, Phase 2 – Brian is now 9

Considerations for Mavis

Immediate:

• Check Arthur's will is valid.

• Check who is (are) Executor(s).

• Claim Bereavement Payment.

• Claim Widowed Parent's Allowance

• Clear £8,000 debts from estate monies.

• Check mortgage protection policy in force and sufficient.

• Discuss income/expenditure with George and Mildred (paternal Grandparents).

Planning:

• Consider life cover to protect the children against liabilities in the event of Mavis' death.

• Consider Critical Illness and IPI to give protection in event of ill health.

• Make pension arrangements to provide future income.

• Check position re Veronica at University and availability of grants and loans.

• Design investment portfolio for balance of capital.

Notes:

1. Income after death including State Benefits represents a decrease but this is compensated to some extent by the mortgage being paid off and other life assurance of £100,000.

2. School Fees will increase.

3. A period of re-settlement will be needed (especially in view of Rachel) and help from George and Mildred should be considered.

4. Mortgage Protection policy has gone down in value but the Mortgage debt has not decreased at the same rate due to Arthur only paying the interest on the loan for the past few years. Mortgage Protection is £30,000 and the outstanding mortgage is £40,000 leaving a £10,000 imbalance.

REMEMBER You should not use any information contained on this page as the basis of any action until you have discussed matters with your financial adviser.