11 steps towards good estate planning (and how the Wealth Platform can help!)
Planning for the inevitable is a profound act of care for those we love. This guide outlines critical steps for creating a comprehensive estate plan. It's designed to ensure that your tangible and intangible assets, insurance policies, and personal wishes are known and can be acted upon according to your desires. By taking proactive steps now, you can safeguard your legacy and provide your family with guidance and security when they need it most.
Start by creating a Will by making a note of the material things you own, for example:
· Property
· Physical investments
· Precious belongings like jewellery or art
· Expensive at-home equipment
2. Then create a separate list detailing your intangible investments, including your:
· Personal/employers pensions
· Life insurance policies
· Trusts
It’s a good idea to save this list as a digital file – you can save this within the Wealth Platform - but you might also want a physical copy to share with family members.
Make sure you share a copy with your executor too.
3. Collate documents that relate to your life insurance, home insurance, car insurance, and related coverage. It’s a good idea to save these on the Wealth Platform too. If your employer offers life insurance benefits at no additional cost to you, such as death in service or pension death benefits, note those institutions among your documents - your loved ones may have the right to collect additional benefits on your death. Let Chris know of any protection arrangements so we can assist your family or executors, if needed.
4. Double-check your insurance/pension beneficiaries and take the time to add any parties you want to benefit from your chosen protection policies. The beneficiaries you name in your retirement account/trusts will receive the benefits before anyone noted in your will. Make sure you’ve named the appropriate beneficiaries and add those parties you want to be protected. This should be regularly reviewed with us.
5. Gather together documents that relate to other agreements such as title deeds or car V5 documents, along with any evidence of large purchases.
6. There’s a chance you’ll leave behind debts upon your passing. These can range from credit card debts to essential mortgage debts, even if you repay these each month. Make a list of these and save them under the ‘liabilities’ tab on the Wealth Platform.
7. Consider making copies of documents such as your birth certificate, marriage/divorce certificates, and any discharge papers and storing them in a safe or digitally on the wealth platform.
8. In this increasingly digital age, your death may see you leave behind a litany of online accounts. With this in mind, list your social media accounts, financial accounts, email addresses, and passwords securely.
9. If possible, ensure you can transfer your finances to a single bank/ financial institution or create a paper trail that your loved ones can later follow to consolidate your finances. You want to make it easy for your executor to distribute your applicable finances upon your passing. Again, the wealth platform is ideal for this. It reduces the risk of missing accounts if we know about them.
10. Most people don’t forget to declare a guardian for their children in the event of their death. If there’s a specific party you want to watch over your loved ones — including your pets — you need to declare as such in your will. This is one of the best reasons to write a will if you have children under the age of 18.
11. Ensure your will and power of attorney documents are kept up-to-date. Regularly review these and make changes when necessary. Discussing these forms an important part of your annual review.
In the journey of life, we accumulate more than just material wealth; we gather relationships, responsibilities, and digital footprints that define our legacy.
Managing these elements through a well-structured will and estate plan is a crucial responsibility that extends beyond our time. By following the steps laid out in this guide and engaging with the Wealth Platform, you not only ensure that your wishes are respected, but also that the process of honouring your life's work is seamless for those you care for.
Remember, updating and reviewing your will and associated documents is not a one-time task; it's a continuous commitment to your family's wellbeing, ensuring that as your life evolves, so too does your legacy.