Being named as an executor of someone’s Will is both an honour and a significant responsibility. At Acorn Solicitors, we regularly see the challenges executors face when trying to administer estates without adequate information. This guide aims to help you prepare effectively, making your executors’ job smoother when the time comes.
Why Preparation Matters
When you pass away, your executors will need to gather information about your assets, debts, and various personal details to administer your estate properly. Without preparation, this can become a time-consuming treasure hunt through paperwork, causing delays and additional stress during an already difficult time.
Essential Information to Compile
1. Schedule of Assets and Debts
Create a comprehensive list of everything you own and owe:
- Financial accounts: Bank accounts, savings, investments, and their account numbers
- Property details: Your home, additional properties, and any rental arrangements
- Insurance policies: Life insurance, funeral plans, and other policies
- Pensions: All pension schemes you contribute to or receive benefits from
- Digital assets: Online accounts, digital subscriptions, and cryptocurrencies
- Personal possessions: Valuable items such as jewellery, art, or collectibles
- Outstanding debts: Mortgages, loans, credit cards, and any other liabilities
Keeping this schedule updated annually ensures your executors have the most current information.
2. Record of Lifetime Gifts
Many people are unaware of the importance of recording significant gifts made during their lifetime. These records are crucial for:
- Inheritance Tax calculations: Gifts made within seven years of death may have tax implications
- Preventing family disputes: Clear records help demonstrate your intentions
- Equalising inheritances: When you’ve given substantial gifts to some beneficiaries but not others
Include details such as:
- What was given
- To whom
- When
- The approximate value
- Your intention (whether it was a loan or an outright gift)
3. Contact Information
Compile a list of key contacts your executors may need to reach:
- Family members and beneficiaries
- Professional advisers: Solicitor, accountant, financial adviser
- Medical contacts: GP and any specialists you see regularly
- Employers or business partners
- Close friends who might have relevant information
Include full names, relationships to you, phone numbers, and email addresses where possible.
4. Key Personal Information
Create a separate document with essential personal details:
- National Insurance number
- Tax reference number and tax office details
- NHS number
- Date and place of birth
- Marriage details: Date and location of marriage(s) or civil partnership(s)
- Divorce details: If applicable
This information will help your executors complete official forms and applications correctly.
5. Pension Information
Pensions can be particularly complex to administer. Provide:
- Provider names and contact details
- Policy or scheme numbers
- Types of pension schemes (workplace, private, state)
- Named beneficiaries on each pension
6. Location of Important Documents
Let your executors know where to find:
- Your Will: Original and copies
- Property deeds
- Insurance policies
- Birth, marriage, and death certificates
- Powers of Attorney
- Advance decisions or living wills
- Funeral wishes or pre-paid funeral plans
Consider using a folder or file box specifically for these documents, and make sure your executors know its location.
How to Store This Information Securely
Balancing security with accessibility is important when storing sensitive information:
- Physical storage: A fireproof, lockable box kept at home or with your solicitor
- Digital options: Password-protected files or secure cloud storage
- With your solicitor: Many solicitors offer document storage services
Remember to tell your executors where this information is kept and how to access it. Consider reviewing and updating your records annually, perhaps on your birthday or at the start of each year.
How Acorn Solicitors Can Help
At Acorn Solicitors, we’re committed to making legal matters more accessible and affordable for our local communities in Taunton and Street. We can:
- Help you compile this information systematically
- Store your Will and other important documents securely
- Offer advice on keeping records updated
- Act as professional executors if required
- Provide support to your family executors when the time comes
Our team of experienced lawyers can guide you through the process of preparing this information, ensuring nothing important is overlooked.
Taking Action Today
Preparing this information doesn’t need to be overwhelming. Start with the basics and build your file over time. The peace of mind that comes from knowing you’ve made things easier for your loved ones is invaluable.
Contact us today to arrange a consultation about how we can help you get organised and support your executors in the future.
