If you have slipped your reading glasses on specifically to read this document then, chances are, you haven’t sat down to plan what is going to happen to your estate when you die. There’s no point in beating around the bush; you’re going to die and your estate is going to need planning.
So, what do you need to think about on this front?
Get your Documents, All Of Them
The first thing you need to do when getting your estate in order and assessing everything you have is pulling together a list of all the documents you have. You need to know what you own and what you have. Start with simple stuff, like a list of your possessions – anything worth over £100 – and then move onto things more paperwork orientated. We’re talking insurance policies, bank accounts, debts, retirement policies, pension pots, credit cards; everything that is of that ilk. This is bound to take a bit of time, but it will take even longer if you don’t get started with it.
What Are You Worth
If you want to come up with a plan of what you are leaving behind, a good place to start is knowing how much you are leaving behind. So make a financial document that takes stock of everything you have and roughly what it is worth. This needs to be itemised. You need to have a worth for each asset. Once you’ve done this, go through your debts so that you know exactly what you owe. It then becomes a matter of simple mathematics and deducting your debts from your assets. This will leave you with a rough figure of what you are leaving behind.
Plan Ahead As Much As You Can
Your loved ones have probably become quite attached to you, which means your death is going to make them a little distraught. So make as many of the decisions as you can for them before you die. Consider what options you have by looking at the funeral plans from Aboutthefuneral, pay for certain things in advance, deal with probate beforehand, leave a living will behind, and decide on an executor, as well as a power of attorney. All of these things will help your family out and make the whole post-death process go a lot smoother. Trust us on that one.
Better With Beneficiaries
For some reason, people forget to put beneficiaries on their accounts. This can cost your family a lot. These accounts are often our most valuable assets outside of the home, and so it is important that you protect them as much as possible. This is where naming a beneficiary comes in because any funds in these accounts will pass directly to them without ever going through probate. This saves time and it saves money. It’s not even hard to do, it is just a matter of remembering to do it, which is why we suggest you call your bank today and make the necessary changes. Oh, and tell the beneficiary you have done this too. Tell them all the detail you can to ensure they get what’s in there.
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