Arranging how your property and savings will be shared after you pass away is called estate planning. At the centre of this is writing a will, which is simply a formal statement detailing exactly what you want to happen to your worldly goods. This isn’t just something for older generations or the incredibly wealthy; putting a plan together matters for everyone. It is the only way to ensure your wishes are carried out to the letter and that the people you care about are properly cared for when you are gone. Alongside a will, you might also decide to put in place a lasting power of attorney, a living will, or a trust. IWC Probate Services provides guidance on setting up and registering a Lasting Power of Attorney.
Estate Planning: What You Need to Do Next
- Don’t put it off – There is really no point in waiting around. The earlier you sort this out, the more breathing room you have to think things through. This gives you time to make sensible decisions without any pressure.
- Figure out what you actually have – Sit down and make a proper list of your assets. Write down exactly what you own, where it is, and a rough guess of what it’s all worth today.
- Decide what you want to happen – Be honest with yourself about where you want your things to go when you pass away. Who are the main people you want to look after?
- Talk to an expert – It is well worth paying for professional advice. A specialist can build a solid strategy around your specific family setup and long-term goals so nothing gets missed.
- Keep it up to date – Things change, and your paperwork needs to reflect that. Get into the habit of reviewing everything every couple of years to keep it relevant to your life.
- Be open with your family – Have a chat with the people closest to you. They don’t need to know every single detail, but they should know your general plans and who you’ve picked as executors.
- Put the paperwork somewhere safe – Lock your will and documents away securely. Just make sure your family actually knows where to find the keys or the files when they eventually need them. You can also read our guide on safely storing your will to ensure your executors can locate important documents when the time comes.
Putting an estate plan together can feel like a massive chore, but it’s completely doable if you just take it one step at a time. Getting it sorted now means you can tick it off your list and know your family is protected.
If you found this guide useful, explore more of our estate planning and inheritance blogs for practical advice. Around protecting your assets and supporting your loved ones.
