What information will my executors need?
I promise you that once you’ve implemented your estate plans, a feeling of peace is inevitable.
I also guarantee that making a Will will spare your loved ones unnecessary stress when you pass away. You won’t see this benefit, but your family will. They’ll appreciate your planning and the care that making a Will demonstrates.
As an estate planner, I can help you start thinking about what plans you need to implement now.
Making a Will
If you haven’t already, an obvious first step is to make a Will.
Making a will is critical as it lets you decide who gets what when you die. If you die without one, you won’t have a say in who inherits your wealth. Instead, the intestacy rules will determine who inherits your wealth.
While nothing stops you from writing a Will yourself, getting advice is a good idea. That way, you can ensure it’s legally binding and that your wishes will be followed.
You can also make sure you maximise the benefits of any tax reliefs that your estate might qualify for. It’s sensible to start thinking about broader estate planning that can maximise the value of assets you can leave behind.
The HMRC website has more information about making a Will.
Storing your Will
Click the image to read more about Will storage
You must keep your will somewhere safe and where someone will be able to find it after you die. For hints and tips, read our blog: Where should I store my Will?
What else should you consider?
Involving your executors and family
In your Will, you’ll nominate people you trust to manage your estate - your executors. Often, your executors will also be beneficiaries (i.e., they will inherit your wealth), but this doesn’t have to be the case. You can appoint a paid professional to manage everything.
An executor’s responsibility is to carry out your wishes after your death. This is an important role, so you’ll also want your Will to clearly state who will administer and benefit from your estate if they die before you. Your estate planner can help your executors understand their legal responsibilities and ensure they are well-prepared when the time comes.
Introducing your financial adviser to your executors can be a good idea. This way, your executors can fully understand any planning or investments you have in place. It also ensures they won’t meet your adviser for the first time when bereaved.
So, how can you prepare your loved ones today?
Helping your executors ahead of time
When you die, your executors will need to be able to find your personal and financial information.
A simple way to do this is to prepare and maintain a record for your executors - one that details what you own and where you have kept vital information.
You might want to include information such as:
Where you’ve kept your will.
The contact details of your solicitor, accountant and financial adviser.
Details about your investments.
Bank accounts in your name.
Information regarding your pension.
Details of any business assets or shares you own (as these may qualify for relief from inheritance tax).
Your funeral wishes.
I’ve created a template called Information for My Executors to simplify your planning. It’s a fillable PDF and simple to use. You can print it out and fill it in by hand or save it to your laptop or PC and fill it in on screen.
When you subscribe to my monthly estate planning newsletter, you will receive access to all my e-guides and resources, including the template.
Take action today
Although it’s not easy to talk about, a little preparation will help your loved ones. The most important thing to do now is to start a conversation.
Book a call with me to find out how I can help you.