Estate Planning Checklist: Essential Documents for UK Residents

Estate planning is about making sure your wishes are respected and your loved ones are protected, both now and in the future. It’s not just about writing a will—there are several important documents and steps to consider.

Start with a will, which sets out who should inherit your assets and who will look after your children if they’re under 18. Alongside this, it’s wise to put in place Lasting Powers of Attorney (LPA) for both property and financial affairs, and for health and welfare. These allow people you trust to make decisions for you if you lose capacity.

Think about your medical wishes too. An advance directive can set out your preferences for treatment and end-of-life care, while a letter of wishes can give your executors and trustees extra guidance, even if it’s not legally binding.

Financial planning is just as important. Keep an up-to-date list of your assets, bank accounts, investments, insurance policies, and property deeds. Make sure your key contacts—family, friends, and professionals—know where to find this information. Don’t forget your digital assets, such as online accounts and passwords, and consider including your funeral wishes and organ donation preferences.

If you run a business, a succession plan and any partnership or shareholder agreements should be reviewed and kept with your other important documents.

Life changes, so review your estate plan after major events like marriage, divorce, or the birth of a child, and at least every few years even if nothing big has changed. Store your original documents somewhere safe, let your executors and attorneys know where they are, and consider keeping secure digital copies for easy access.

Estate planning is an ongoing process, not a one-off task. Regular reviews help ensure your plan stays current and effective.

This checklist covers the key documents and steps every UK resident should consider to make sure your wishes are respected and your loved ones are protected.

Essential Legal Documents

• Will: Specifies who inherits your assets and appoints guardians for minor children.

• Lasting Power of Attorney (LPA): Property and Financial Affairs LPA for managing your finances if you lose capacity.

• Health and Welfare LPA: For healthcare and personal welfare decisions if you can’t make them yourself.

• Advance Directive: Sets out your wishes for medical treatment and end-of-life care.

• Letter of Wishes: Non-binding guidance for executors and trustees.

Financial Planning Documents

• Asset Inventory: A complete list of all your assets and where they’re kept.

• Bank Account Details: Account numbers, sort codes, and balances.

• Investment Statements: Details of shares, ISAs, pensions, and other investments.

• Insurance Policies: Life insurance, critical illness, and other cover.

• Property Deeds: Title deeds for all property you own.

Personal Information

• Contact List: Key contacts including family, friends, and professionals.

• Digital Assets: List of online accounts and how to access them.

• Funeral Wishes: Burial or cremation preferences.

• Organ Donation: Your wishes about organ donation.

Business Considerations

• Business Succession Plan: What happens to your business interests.

• Partnership Agreements: Any business partnership documents.

• Shareholder Agreements: Company shares and voting rights.

Review and Update Schedule

• Major Life Events: Marriage, divorce, birth of children.

• Asset Changes: Buying or selling property, receiving an inheritance.

• Law Changes: Tax law changes that could affect your plan.

• Every 3-5 Years: Regular review, even if nothing major has changed.

Storage and Accessibility

• Original Documents: Store in a safe place (solicitor, bank, or home safe).

• Tell Key People: Let executors and attorneys know where documents are kept.

• Copies: Provide copies to relevant people.

• Digital Copies: Consider secure digital storage.

Estate planning isn’t a one-off task. Regular reviews help keep your plan up to date and effective.

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Disclaimer: This blog post provides general information for educational purposes only. It is not legal advice. Outcomes can vary based on your personal circumstances.