Gather together and store safely any deeds, title documents, official certificates; details of important contacts, online accounts; evidence of significant gifts made in recent years. Although this point 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 and more of our assets are 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.
Outside of your Will, if you have life insurance, pensions etc, 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; 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.
Assume you will be the first to go! 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.
Finally; don’t keep your plans to yourself! Talk to your loved ones, chosen executors and attorneys about your wishes and where to find things when the time comes.