You may have prepared a Will already which secures the financial future of your beneficiaries but in order for them to benefit your Executors must know the extent of your estate on your death.
Do you have a log of your assets? This is a detailed inventory of all of your assets and includes for example details of property, bank accounts, investments, pensions. This is not an exhaustive list. There are many reasons why an asset log is beneficial. The role of an Executor is to identify your assets and liabilities for the benefit of your beneficiaries but also to ensure the correct information is being reported to HMRC and the Probate Registry. This reduces the risk of errors and omissions and provides clarity and transparency making the role of an Executor more efficient and reduces stress.
Assets will likely change over time and keeping a log will allow you to update it and will also allow you to consider your own financial position and whether any changes need to be made to your Will. Many people have digital assets and social media accounts, keeping a record of these and their passwords will assist your Executors to administer your estate more smoothly. Doing all of the above provides, above all, piece of mind knowing that your affairs are in order.
If you need to review your Will or add an asset log please get in touch with a member of our Probate team at any of our offices.
