With more than £5 trillion expected to pass between generations over the next 30 years, this is the third in a series of articles to help you prepare for your great wealth transfer [1].

Having covered strategies to help protect your estate from Inheritance Tax, and the honest conversations you should have, now it’s time to focus on the practical admin and paperwork.

Covering all the top tasks, from updating your will to compiling an emergency folder, here are four essential admin tasks to start tackling today.
 
1. Check your will is up to date and reflects your wishes

Writing a will is one of the most important steps in estate planning. And yet, millions of UK adults don’t have one [2].
 
If you’re among them, it’s time to act.

Should you already have a will, excellent news! But don’t let it gather dust.
 
Ideally, you should review it regularly. It’s particularly important to revisit it after any major life changes, such as births, deaths, marriages, or changes in your assets. And make sure your chosen executors are still willing and able to act.

While you may have talked to your family and beneficiaries about your intentions, you might want to include a letter of wishes alongside your will.

While this isn’t legally binding, it could provide useful guidance for your executors. It may also help potential disputes following your death. 

2. Check you’ve completed an expression of wishes with your pension provider

Your pension savings usually fall outside your estate, meaning they aren’t covered in your will.
 
So, the next essential admin task to get on top of is to complete or review your expression of wish with your pension provider(s), and nominate who you’d like to receive your pension benefits.

Expression of wish forms are usually short and simple to fill out. Once completed, submit them to your pension provider. Most providers make it easy for to organise everything online. If in doubt, get in touch and we can help.

As with your will, if circumstances have changed or it’s several years since you last reviewed this, make sure to revisit and ensure it still reflects your wishes.

3. Set up a Lasting Power of Attorney 

Although an estimated 40% of Brits have a will, fewer than 1% have a Lasting Power of Attorney (LPA) [3].
 
And yet neither your spouse nor your adult children have the legal right to manage your finances if you become incapable. Having an LPA allows you to appoint someone you trust to manage your affairs in the event that you become incapacitated through accident or illness.
 
Anyone aged 18 or over can (and probably should) make one. You can choose to create a temporary LPA, or one that lasts for the rest of your life.

Once set up, review your LPA regularly to ensure it still reflects your wishes and circumstances.

4. Create an “in case of emergency” file
 
While it sounds unlikely, organising your files and paperwork is among the kindest things you can do for your family. 

So, set up an “in case of emergency” (ICE) folder to hold all the information someone would need if you weren’t able to manage your affairs, for whatever reason.

It should include:

• A summary of your assets: bank accounts, pensions, investments
• Copies or locations of your will and LPA
• Contact details for your solicitor, accountant, and financial planner
• Details of any insurance policies.

 Once complete, put the document somewhere safe but easy to find, and make sure at least one trusted person knows where to find it.

This way your family won’t spend hours digging through old mail, bank statements, or tax returns to understand what’s what.

Get in touch
Working with a financial planner can help you understand all your options and write up an estate plan that works for you and your beneficiaries.

Organising your affairs doesn’t have to be overwhelming. We’re here to help. Email [email protected] or call us on 0800 048 0150.

Please note
The information contained in this article is based on the opinion of Titan Wealth Planning and does not constitute financial advice or a recommendation for any investment or retirement strategy.
The Financial Conduct Authority does not regulate estate planning, Lasting Powers of Attorney, or will writing.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

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