Estate planning isn't just for the wealthy. Anyone with family, property, or savings needs a plan. Use this checklist to make sure you've covered everything important.
The Essential Checklist
1. Make a Will
- ☐ Write a will (or update your existing one)
- ☐ Name beneficiaries for all your assets
- ☐ Appoint executors
- ☐ Name guardians for minor children
- ☐ Include backup beneficiaries
- ☐ Consider whether you need trusts
- ☐ Have it properly witnessed
- ☐ Store it safely and tell executors where it is
2. Set Up Lasting Power of Attorney
- ☐ Create Property and Financial Affairs LPA
- ☐ Create Health and Welfare LPA
- ☐ Choose your attorney(s)
- ☐ Register both LPAs with OPG
- ☐ Store registered LPAs safely
3. Organise Your Assets
- ☐ List all bank accounts
- ☐ List all investments and ISAs
- ☐ List property owned
- ☐ Check how property is owned (joint tenants vs tenants in common)
- ☐ List pensions and note beneficiary nominations
- ☐ List life insurance policies
- ☐ Note any business interests
- ☐ List valuable possessions
- ☐ List debts (mortgages, loans, credit cards)
- ☐ Include digital assets (accounts, cryptocurrency)
4. Review Beneficiary Nominations
- ☐ Check pension nomination forms (often pass outside will)
- ☐ Check life insurance beneficiaries
- ☐ Check death-in-service benefit nominations
- ☐ Update any outdated nominations
5. Consider Tax Planning
- ☐ Estimate your estate value for inheritance tax
- ☐ Understand available allowances (nil-rate band, residence nil-rate band)
- ☐ Consider annual gift allowances
- ☐ Check if life insurance is written in trust
- ☐ Take professional advice for estates over £325,000
6. Protect Your Property
- ☐ Check ownership type (joint tenants vs tenants in common)
- ☐ Consider tenancy severance for trust wills
- ☐ Consider property protection trust
- ☐ Ensure adequate insurance
7. Plan for Incapacity
- ☐ Set up LPAs (see above)
- ☐ Consider an advance decision (living will)
- ☐ Discuss wishes with family
- ☐ Keep medical information accessible
8. Organise Important Documents
- ☐ Keep all documents in one secure place
- ☐ Tell family/executors where documents are
- ☐ Consider a document organiser or folder
- ☐ Include: will, LPAs, deeds, insurance policies, pension details, account details
9. Write a Letter of Wishes
- ☐ Funeral preferences
- ☐ Guidance for executors
- ☐ Guidance for guardians (if relevant)
- ☐ Explanation of any unusual provisions
- ☐ Personal messages to loved ones
10. Regular Reviews
- ☐ Review estate plan every 3-5 years
- ☐ Update after major life events
- ☐ Keep beneficiary nominations current
- ☐ Check documents still reflect your wishes
Life Events That Trigger a Review
- Marriage or civil partnership (revokes existing will!)
- Divorce or separation
- Birth or adoption of children
- Death of beneficiary or executor
- Buying or selling property
- Significant inheritance or asset change
- Moving abroad
- Starting or selling a business
- Health changes
Estate Planning by Life Stage
Young Adults (18-30)
- Basic will
- LPA (especially if risky hobbies/job)
- Check pension nominations
Couples Without Children (30s-40s)
- Mirror wills
- Both LPAs
- Life insurance beneficiaries
- Property ownership review
Parents With Young Children
- Wills with guardian appointments
- Both LPAs
- Life insurance
- Trusts for children's inheritance
Middle Age (50s-60s)
- Full estate review
- Trust wills for property protection
- Inheritance tax planning
- Both LPAs urgently if not done
Retirement and Beyond
- Final will review
- LPAs essential
- Advance decision consideration
- Document organisation
Common Mistakes to Avoid
- Procrastinating: Don't wait until you "need" estate planning
- DIY without understanding: Errors can be costly
- Forgetting to update: Outdated plans can cause problems
- Ignoring digital assets: Include online accounts and passwords
- Not telling anyone: Your family needs to know where documents are
- Assuming marriage covers everything: It doesn't
Get Started Today
The best time to sort estate planning was years ago. The second best time is now. Use this checklist to identify what you need, then get professional help to do it properly.