It can be daunting when you first approach will preparation, but it is a crucial part of every estate plan. When you have a valid will in place, you can be sure that your loved ones are financially protected when you die.
In order to make writing your will as straightforward as possible, it is useful to gather important documents about your finances as you begin the estate planning process. The documents will enable you to better understand your money matters and areas where you could make changes.
We cover the importance of making a will, the personal information needed to write a will, digital assets, and the documents that are necessary to make up your estate inventory:
Contents
Why is it Important to Make a Will?
To put it simply, writing a will lets you have control over what happens when you die. It allows you to set out how you want your estate to be distributed to your family and loved ones, including any property or accounts you own. Writing a will also:
- Saves time, money, and stress for loved ones
- Determines who will manage the estate (the executor)
- Lets you leave instructions for your digital instruction
- Reduces the potential for family disputes
- Allows you to support your favourite causes and charities
- Lets you decide who gets your assets and who doesn’t.
To write a valid will though, you need to have the correct relevant documents.
Making an Inventory of Your estate
Many people in the UK put off writing their will because of the amount of paperwork involved, but a basic inventory of your estate can reduce the amount.
For this, you will need to consider what assets (items of value) you own, including those that you solely and jointly own. You will also need to take into account any debts and liabilities you have to calculate your estate’s net value, such as a mortgage or any outstanding loans.
Assets
When you are preparing an inventory of your estate, you will need copies of the paperwork related to the value of your assets, including documents of:
- Your home and any other property that is yours
- Cash savings in banks and building society accounts
- Insurance policies that pay out at death, such as term life insurance and life insurance
- Stock market investments, like shares, bonds, and funds
- Pension funds
- Businesses that you own or part-own
- Motor vehicles
- Valuables including jewellery, artwork, and antiques – for valuable personal property, you may wish to get paperwork from an appraiser that indicates the object’s value, particularly if you plan to leave specific items to a certain beneficiary
- The contents of your home, such as furniture and personal belongings (even those that may have mostly sentimental value).
If you own rare or valuable personal property, you may also wish to bring paperwork from an appraiser that indicates the property’s value – especially if you wish to leave specific items to a certain beneficiary.
Digital Assets
In addition to those listed above, it is important to consider any digital assets you have. Nowadays, most estates are not made up of just physical assets, so it can be a good idea to leave a record of all your logins and online accounts to your executor to manage when you die.
However, it is important to not include any passwords in your will itself as it will eventually become a public record, making it possible for anyone to access it. Instead, you should list your login details on a separate document that is stored somewhere safely, leaving instructions in your will on how to locate it.
Debt Information
In addition to key information about your assets, you will also want to include documents that account for any major debts. For instance, these may be:
- Any outstanding balance on your mortgage
- Credit card debt
- Student loans
- Bank overdrafts
This information will allow you to calculate the approximate value of your net estate, helping you to decide who should distribute it. What’s more, it will enable you to gain a clear financial picture of your debts so you can tackle them whilst you are still alive, allowing you to leave more assets to your beneficiaries.
How Legacy Wills and Probate can Help
Legacy Wills and Probate is the top provider of online will writing services. We offer secure will storage as well as long-term professional support and legal advice.
For information on our will writing service cost or on the support we can offer you, please don’t hesitate to get in touch today. Alternatively, if you’re looking for specialist probate solicitors, don’t hesitate to get in touch today.
Call our friendly team on 0333 344 4325, or email us directly at sales@legacywillsandprobate.com, and we’ll get back to you as soon as possible.
