Featured in Saga: Estate planning and the best financial decisions to make in your 60s and 70s

When people think about financial planning, they often focus on growing their wealth, reducing tax or planning for retirement. But some of the most valuable financial decisions you'll ever make aren't necessarily about you. They can be about making life easier for the people you'll leave behind.

That was the focus of a recent article by Saga Money, which featured insights from Jo Summers, Head of Private Wealth & Tax at Jurit, on the practical steps that can make estate administration significantly less stressful for your loved ones.

Don’t leave your executors searching for answers

Administering an estate is a significant responsibility. Alongside coping with the emotional impact of losing a loved one, executors are tasked with identifying assets, settling liabilities, dealing with financial institutions and ensuring the estate is administered correctly.

The process becomes much more difficult when key information is missing.

Preparing a simple record of your financial affairs can save your executors many hours of work and potentially thousands of pounds in additional professional costs. This should include details of:

• Bank and savings accounts
• Investments and pensions
• Insurance policies
• Property and other valuable assets
• Outstanding debts or liabilities
• The location of your will and any Lasting Powers of Attorney
• Records of gifts you’ve made, particularly those relevant for inheritance tax purposes

Just as importantly, make sure your executors know where this information is stored and how to access it when the time comes.

Small conversations can make a big difference

As Jo explains in the Saga feature:

“Making sure your executors know where important documents are kept and introducing your family to your professional advisers may not feel like major financial decisions, but they can be some of the most thoughtful and valuable things you do for the next generation.”

Introducing your executors or close family members to your solicitor, accountant or financial adviser during your lifetime can also make the administration process much smoother. They will know who to contact, understand the advice you’ve received and have confidence they’re following your wishes.

The cost of poor record keeping

Unfortunately, it’s not uncommon for estates to be delayed because executors simply don’t know what assets exist.

As Jo highlights, Jurit has acted in matters where tracing assets became a lengthy and expensive exercise.

“In one case, a family had to search not only across the UK but internationally to establish what assets the relative had. It added significant complexity, delayed the administration of the estate and ultimately resulted in significantly more professional fees, as we searched the world over for the valuable assets.”

Situations like these can often be avoided with a little forward planning.

Estate planning is about more than writing a will

Having a professionally drafted will remains one of the most important steps you can take, but effective estate planning goes further.

Keeping your affairs organised, maintaining accurate records, reviewing your plans regularly and ensuring your family knows where to find important information can all make the administration of your estate significantly simpler.

Ultimately, good estate planning isn’t just about protecting your wealth. It’s about protecting the people who matter most.

Read the full Saga article

You can read the full feature, The best financial decisions to make in your 60s and 70s, on the Saga website, where Jo shares her advice alongside other experts.

If you’d like to discuss wills, inheritance tax planning, Lasting Powers of Attorney or wider estate planning, our Private Wealth & Tax team would be delighted to help.