Estate planning might sound complicated, but it doesn’t have to be. It simply means making plans for your money, property and wishes, so the people you care about know what to do in the future.

Here’s a simple checklist to help you get started.

1. Make a Will

A Will explains what you want to happen to your money, property and possessions after you die.

Without a valid Will, the law decides who inherits your estate, which may not match your wishes.

When? It’s a good idea to make a Will as soon as you have assets, children or people you want to provide for.

2. Choose Your Executors

Executors are the people who deal with your estate and carry out the instructions in your Will.

Choose someone you trust and who will be comfortable taking on the responsibility.

Choose your executors when you make your Will and review your choice if circumstances change.

3. Choose Guardians for Your Children

If you have children under 18, you may want to record who you would like to care for them if you die.

It’s also sensible to discuss this with the people you are considering.

4. Consider a Lasting Power of Attorney

A Lasting Power of Attorney (LPA) allows you to choose trusted people to make certain decisions for you if needed.

There are LPAs covering health and welfare and property and financial affairs.

You don’t have to wait until later life. An LPA must be made while you have the mental capacity to do so.

5. Make a List of What You Own

Keep a simple record of important assets, such as:

·        Property

·        Bank accounts and savings

·        Investments

·        Pensions

·        Life insurance

·        Business interests

·        Valuable possessions

(But please don’t leave passwords with this)

This can make it much easier for your family and executors to understand what needs to be dealt with.

6. Think About Inheritance Tax

Depending on the value and circumstances of your estate, Inheritance Tax may need to be considered.

The rules can be complicated, so professional advice can be helpful if you are unsure.

7. Don’t Forget Your Digital Life

Your online life can also form part of your planning.

Think about social media accounts, online photographs, email accounts and other digital assets. Make sure important information is organised securely and can be located when needed.

8. Review Your Plans

Life changes and your estate plan should change with it.

Consider reviewing your Will and other arrangements after major events such as:

·        Getting married or divorced

·        Having a child

·        Buying a property

·        Receiving an inheritance

·        Starting or selling a business

·        The death of someone named in your will

Even if nothing major changes, it is worth checking your arrangements every few years.

When Should You Start?

The best time to think about estate planning is before you need it.

You don’t have to organise everything at once. Starting with a Will and gradually putting the other essentials in place can make the process much more manageable.

A little planning now can help make your wishes clearer and things easier for the people you care about in the future.