Have you prepared for the unexpected, covered everything required to ensure your wishes are carried out when you have gone? And have you done all you can to make coping with the consequences of your death as easy as possible for your loved ones?
All too often people have not – and all too often that only becomes evident after someone dies.
For example, a couple who think they won’t need probate but then the survivor finds it is required just because their deceased spouse held more than £5,000 in premium bonds; a couple who leave everything to each other and the surviving spouse doesn’t think to make a new Will after their partner dies; a debilitating accident that leaves no one able to access the victim’s money, pay their bills or speak on their behalf about medical treatment.
Yet there are a few simple steps you can take right now to address all these things.
Firstly, write a legally valid Will and appoint executors to handle your estate, and, if you have young or disabled children, appoint guardians for them. Include your funeral wishes in your Will and check regularly whether any circumstances have changed that might mean your Will needs updating.
Next, set up and register a Lasting Power of Attorneynow for both your property and financial affairs, and your health and welfare. This will allow people you trust to make decisions, pay bills etc on your behalf immediately if you should later lose capacity to make decisions yourself.
Nominate a beneficiary for your pension fund, if that is relevant, and compile a file containing provider contact details and account numbers for your current bank accounts, pensions, insurance policies, water, energy, telephone and broadband and recurring digital subscriptions. Update as, when and if you change providers.
Make a separate list of passwords and pin numbers and inform someone you trust of the safe place where they are stored along with original copies of your Will, property deeds, birth and marriage certificates and anything of a sensitive nature.
Finally, seeking legal advice from a solicitor will ensure the all-important undeniable validity of your Will and LPAs.