The death of Bob Crowe ,Trades Union Leader, at the age of 52 once again illustrates the unpredictability of death. After seeing reports of him in the national press only a few days earlier enjoying a sunshine holiday in Brazil the last thing one expects to see is this sad announcement
It is worthy of note that his reported annual salary was £145k pa Presumably he was also in a pension scheme which probably provided for a ‘death in service’ benefit. This could be as high as 3 x salary and amount to £435k. This immediately takes his estate into the realms of Inheritance tax if not gifted under trust to his wife or other beneficiaries. Better still it could have been diverted to a ‘Spousal Bypass Trust’ so that his wife could enjoy the proceeds by means of loans which in turn reduce her Inheritance Tax liability .
David Dexter says that ‘this sudden early death emphasises the need for every employed person who is in a pension scheme which provides a death in service benefit to make a Will . The monies received are often overlooked when ordinary Wills are made and the inclusion of a Spousal Bypass Trust can save thousands of pounds in future Inheritance Tax liabilities. ‘