#Complete estate planning checklist download#

It is now estimated that approximately 30 million Facebook accounts belong to deceased people.

#Complete estate planning checklist download#

This means the assets can be passed on to your designated beneficiaries in weeks or months, as opposed to taking years if you die intestate.įor more information, download our free Guide to Wills and Probate! Moreover, the use of a trust and/or a QNUPS can also eliminate the need for probate of your estate after death. The typical route to tax mitigation, which is used by families with larger estates, is the creation of a family Trust, or for those who are tax savvy and financially astute, the transfer of assets to QNUPS. Planning around your inheritance tax position in advance will help you legally minimize this liability. However, since this tax is due after you pass away, your children will have to face it. Inheritance Tax is charged on the value of your estate at a rate of 40% over the £325,000 threshold as of today (2022).

You should stay up to date with the UK’s Inheritance Tax Rules & Thresholds and be aware of the taxes your loved ones may have to pay in order to access the family home or other assets you worked for your entire life so that you could all benefit.

Capacity, whether physical or mental, can be lost every day through accidents or serious health conditions age can also be a factor, especially since more people are now experiencing dementia symptoms during their forties. It’s important to note that in order to set up an LPA (Lasting Powers of Attorney), one must be mentally fit. While a Will is an essential legal document that ensures your wishes relating to your estate are distributed in the way you want them to be after you die, a Lasting Power of Attorney (LPA) is a crucial document for when you are still alive. If you are considered to have lost mental capacity, financial institutions, such as your bank, can freeze all your bank accounts, even if they’re joint accounts, and prevent any access to funds. This is to avoid situations in which local authorities are given the right to access and manage your bank account and make decisions about your healthcare and even your business, should you be deemed incapacitated or not fit to do so yourself.

Balance statements for any outstanding debtsĪ power of attorney is a document that appoints someone you trust implicitly to handle your financial or medical affairs while you are alive, but also if you were to become incapable.

Documents proving ownership of assets, such as mortgages, deeds, and titles.

Statements for any financial accounts, like savings, retirement, or investments.Insurance policies, especially for life and disability insurance.You should also have knowledge of where these documents are located and inform anyone who is involved in the administration of your estate where they will be able to locate them when the time comes. The amount of documentation you will need will vary depending on the size and complexity of your estate. Will & Estate Planning Seminar – Register Today! The rules of the testacy are draconian and actually hinder rather than help most circumstances, but the Government doesn’t really care about that, and they are followed rigidly. If you don’t have a Will at the time of death, or if the one that you had can’t be located or is deemed invalid, your belongings, including any property, will be distributed under the rules of intestacy, meaning that the assets may not go to the people that you had intended to benefit from them. It can also include a nomination of a guardian for any minor children, and you can even designate a person who will take care of your pets. The will is a document in which you can lay out who will receive your assets following your death. Having a Last Will and Testament is a sensible first step when you set out on estate planning. Related reading: The complete Estate Planning process Retirement accounts, life insurance, stocks, annuities.With such a list to hand, it will be easier to decide how you want to distribute your belongings and to whom.

This checklist will outline what you should consider when establishing an estate plan.Ī good starting point for any estate plan is to list all of your belongings and assets. It should also make it easy for your surviving family members to carry out any post-death wishes. Related: What Exactly is an Estate? Estate Planning Checklist – Get your affairs in orderĪ comprehensive estate plan should consider what happens in the event of both death and disability. An estate planning checklist will remind you of the decisions you’ll need to make when implementing an estate plan and keep track of the important documents that will form part of it. By planning ahead, you can minimize future stress on those closest and help ensure your wishes are carried out. A complete estate plan not only takes into account your belongings and property but also your relatives and loved ones.