Estate planning to secure your family’s financial future

Living will

This allows your named representative to communicate your preferences for life-sustaining medical treatment should you become suddenly incapacitated and unable to make those decisions for yourself. 

Lasting Powers of Attorney (LPAs)

LPAs are separately created to deal with either property and finance, or health and welfare. Putting both types of LPA in place now will give you peace of mind that you will be looked after in accordance with your stated wishes, should you become unable to make decisions for yourself in the future. This can be particularly important as dealing with the express wishes of the deceased can sometimes be a point of contention; don’t let this happen to you or your family.

Documentation

Gather together and store safely any deeds, title documents, official certificates, details of important contacts, online accounts, and evidence of significant gifts made in recent years. Although this point it may seem trivial, you’d be amazed by the problems this lack of documentation could lead to. 

Ensuring that all the information is in one place will make it easier for the executors (who are often your loved ones) to quickly and accurately value your estate for the inheritance tax return that must be submitted to HMRC. 

Additionally, as more assets are now only accessible online, you should think about leaving details of your online accounts and passwords with a trusted person so that they will be accessible in the event of your death. 

Beneficiaries

Outside of your will, if you have assets like life insurance and pensions, you should review your beneficiaries as the transfer of such assets on your death is governed by your stated choices, not by your will. This can catch a lot of people out, so don’t be one of them. 

Personal tax affairs

Help your executors by ensuring that your tax returns are up to date and your tax records are safely filed together when received.

Your spouse/partner

No one wants to be the first to go, but remember, joint assets pass automatically upon death, not relying on the will or waiting for probate. Therefore, money or other day-to-day difficulties immediately following your death can be avoided by reviewing the ownership of important and liquid assets.