We’re all guilty of procrastinating from time to time. And one thing that regularly gets “put off” is making arrangements for what will happen to your estate after you pass away.
Even if it may seem morbid to think about, or your attitude is more “Oh, I don’t need to worry about that for ages”, it really is something that should be considered sooner rather than later. No one knows what the future holds and it is always better to ensure your affairs are in order in the event of your death.
We’ve put together these practical steps to help you prepare your estate to ensure your loved ones are taken care of after you die.
Undoubtedly, the best way to ensure your wishes are respected after your death is by making a will. This legally binding document goes into detail about what your estate encompasses, who will inherit, whether you wish to make any donations, whether anyone in particular should receive a valued item…whatever you wish to stipulate, making your will is your chance to literally get things down in writing.
Once you’re happy with what’s set out, it is also important to review your will regularly, just to ensure circumstances and arrangements remain the same. Should you go through a divorce or if there is a death in the family, for example, you may wish to reconsider what was previously set out.
Everything stipulated within your will must be managed by executors. These are people you will nominate within the will itself and often (although not always) will inherit some of your estate. Because of this, it’s always important to ensure the executors are aware of the role they will play following your death, as well as their legal responsibilities. The earlier they are involved in the process, the better their understanding will be when the time comes for them to act.
And to make things run smoothly for your executors, it may be a good idea to provide them with a clear and concise list of important points including, but not limited to:
For more information, take a look at Octopus Investments’ practical steps to prepare your estate for loved ones.
Our expert and knowledgeable team will always deal with matters in a professional and confidential manner. We understand that this can be a sensitive topic and we are equipped to provide you with thorough advice to help you make an informed decision about the best way to prepare your estate.
Feel free to contact us to discuss your requirements and we will be happy to help.