Following on from our last blog, we continue your handy A-Z estate planning guide. After all, the matter of life after our death isn’t something we want to dwell on too much. Knowing how to manage the planning process best will help keep the task quick and stress-free. Here is part two of our A-Z guide to estate planning.
L – Legal assistance may be needed if you have a particularly large or complex estate or a tricky family dynamic.
M – Memories stay with people forever. Try to organise things such as photos and letters for your loved ones to cherish once you are no longer here.
N – Notarisation is a process that ensures all necessary important documents are properly notarised.
O – Online accounts such as social media, emails, reward programs, forums, subscriptions, etc, should all be included in your estate plan.
P – Power of attorney is someone who can handle your financial affairs if you’re unable to / lack capacity. This should be someone trustworthy and responsible with your best interests at heart.
R – Read through everything relating to your estate. You may find things that need to be updated and changed.
S – Safe storage of your will is vital. It should be stored in a safe and fire-proof place where family can easily find it when needed.
T – Taxes such as inheritance tax will apply to many estates. There are things you can do to reduce the impact of inheritance tax on your loved ones, but taxes should definitely be taken into account when planning your estate.
V – Valuables must be included in your estate. Things such as collectables, antiques, jewellery and family heirlooms are to be listed in the inventory.
W – Wills are the most essential element of estate planning and will hold all the important information needed.
X – X marks the spot when it comes to signatures. Make sure that all legal documents are signed and witnessed accordingly.
Y – Yearly reviews of your will and estate are a great idea. All life changes can impact your plans, including births, deaths, marriages, divorces and even family feuds.
Z – Zero errors – Ensure everything is covered, signed, etc. Minor errors could cause issues for your loved ones when handling your estate.
Now you should be ready to tackle your estate planning armed with a nifty to-do list
Contact Probate Forms for probate advice on 0209 9859553.
