To plan your estate, there are some basic steps you’ll probably need to work through:
Assess your net worth by adding up all your assets and taking away any liabilities
Work out where you want everything to go after your death – for example:
leaving your house or money to loved ones
setting any conditions your beneficiaries have to fulfil to get their gifts
Making the right arrangements (like a will) to make sure your wishes are legally binding
That’s a simple list but in practice estate planning can be a complex task. And because individual estates vary so much, it’ll be different for everyone.
As we’ve noted above, many financial and legal professionals offer estate planning services and can offer very useful advice and support. If you’re not already getting that sort of advice, you can visit Unbiased.co.uk to find a financial adviser or for legal advice go to Solicitors Regulation Authority.