Preparing your Will is widely recognised as an essential step in financial planning for the future, but it is only one element of effective lifetime planning.

When someone dies or loses mental capacity, their family is often navigating unfamiliar territory at an already stressful time. Clear, well-organised documents can save months of delay, avoid unnecessary legal costs and reduce the risk that something important has been missed.

For most people, this doesn’t need to be complicated. One clearly labelled folder – physical or digital – containing the right documents can make all the difference. The key is knowing what should go in it.

Your Will (the big one)

While it is technically possible to write your own Will, mistakes are far more common than people realise. Errors can be expensive, time-consuming and deeply upsetting for families to resolve later.

A professionally drafted Will gives clarity, certainty, and protection for your family. It helps ensure your wishes are carried out and reduces the risk of disputes or challenges after your death.

Letters of wishes

A letter of wishes sits alongside your Will, but doesn’t override it.

They are particularly helpful where discretion is involved – for example, where a trust exists – or where you want to explain the thinking behind certain decisions. They can also include practical guidance, pointing executors to where assets are held or flagging issues they may need to address.

Pension nomination and expression of wish forms

Many people assume pensions pass under their Will. In many cases, they don’t.

Pension death benefits are often paid at the discretion of scheme trustees, guided by your nomination or expression of wish form. If that form is missing or out of date, delays and unintended outcomes become far more likely.

It’s worth checking:

• Who you’ve nominated
• Whether benefits are paid as a lump sum, a dependant’s pension, or both
• Whether your wishes still reflect your current family situation.

Lasting Powers of Attorney

Lasting Powers of Attorney (LPAs) allow you to choose who can make decisions for you if you lose mental capacity. There are two types: one covering property and financial affairs, and another covering health and welfare decisions.

They are powerful documents. Depending on the type of LPA, an attorney may be able to sell your home, manage investments, or make serious health and welfare decisions on your behalf. Because of this, poorly drafted documents or unsuitable appointments can cause significant problems later on.

Inheritance Tax gifting records

Your executors will need to report gifts you made during your lifetime – sometimes going back many years. Trying to reconstruct this information after death can be time-consuming and stressful.

Keeping a simple, regularly updated record during your lifetime is far kinder. A straightforward document can save your executors hours of work and reduce the risk of errors. It should cover:

• The date of each gift
• Who received it and their relationship to you
• What was given
• The value of each gift.

Property ownership documents

Most property in England and Wales is registered, so title documents can usually be obtained from the Land Registry.

Even so, keeping copies of property information in your folder helps executors or attorneys quickly understand what you own and where to look. You may also want to keep vehicle registration documents in the same place.

Bank accounts, investments and insurance

A clear list of your bank accounts, savings and investments is extremely useful. Recent statements can confirm account numbers and provider contact details.

Do not include online banking login details, as this can create security risks and legal issues. Attorneys and executors should contact financial institutions directly. You should also keep details of any life assurance or insurance policies, including provider names and policy numbers.

Don’t forget to include details about any crypto investments you have.

Family documents

Keeping key personal documents together can save considerable time and frustration later. This may include:

• Birth certificates
• Marriage certificates
• Change of name documents
• Divorce papers.

If you have a predeceased spouse or civil partner, copies of their death certificate, Will, grant of probate, and estate accounts can be extremely helpful when claiming transferable Inheritance Tax allowances.

How TWM can help

Our Private Client team advises individuals and families on Wills, Powers of Attorney, estate planning and Inheritance Tax.

We provide clear, practical guidance to help you plan ahead with confidence and protect the people who matter most.

If you would like advice tailored to your circumstances, please contact our Private Client team.