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HomeLegal NewsHow to Start Estate Planning

How to Start Estate Planning

Start by taking inventory of your financial situation. Take note of your assets, bank accounts, insurance policies, liabilities, property, and all important documents that you want to include in your will. Compile a comprehensive list of all of these things to make it easier for you when you are discussing this with your solicitor.

When asked about the three most important steps that people should take when they start planning their wills, James Hadley, Director of KingsGuard Legal, breaks it down this way:

  1. “Ensure the executors you choose are the people that will administer your estate and complete the legal requirements are responsible and capable, sometimes it is good to consider a professional executor.”
  2. “Choose your beneficiaries and the shares they are to receive as it does not have to be equal and some people can receive set sums if you prefer whilst others receive a percentage, set legacies are very popular when leaving money to charity.”
  3. “Store the will in a safe place after you have completed is very important and we offer this to our clients where the documents are held in a fireproof and waterproof environment so the documents are available at the point of need along with our guidance for executors.”

Mr. Hadley has seen many common mistakes that people make when it comes to managing their assets and writing their wills. He recommends that you “speak to an independent financial adviser about (your assets).” Mr. Hadley continues, “People assume that everything will go to their spouse so they don’t make a (will), which isn’t necessarily the case depending on the value of those assets. Be aware that if you get married after making a will, then that will is invalid.”

Mr Hadley reminds us that “when a large event happens in your life, like children, marriage, or a loss of someone, then it is a good time to review your will. My best piece of advice is not to put this off, you can always change it if your circumstances change, but having a will in place brings a sense of relief to most of our clients.”

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