Nine Essential Money Tasks to Complete Before You Die

1. Make Sure You Have a Valid Will

Your will is the foundation of your estate plan. It determines who inherits your assets, who administers your estate, and who looks after dependants if applicable. Without a valid will, your estate will be distributed under intestacy rules, which may not reflect your intentions.
Adviser Tip: Review your will after any major life event — marriage, divorce, birth of a child, or significant financial change.

2. Prepare a Letter of Instruction

Unlike a will, a letter of instruction is informal but extremely useful. It provides practical guidance to executors and family, such as:

• Location of documents
• Contact details for advisers
• Funeral wishes
• Digital asset guidance

This document helps your loved ones navigate the administrative process during a difficult time.

3. Complete Pension Expression of Wish Forms

Pension death benefits are usually distributed at provider discretion. An expression of wish form tells your provider who you would like to receive your pension funds. If this form is missing or outdated, benefits may not go where you intended.
Best practice: Review nominations every few years or after relationship changes.

4. Keep Pension and Life Insurance Documents Together

Your executors will need clear information about your policies. Maintain a central record showing:

• Provider names
• Policy numbers
• Benefit values
• Contact details

This avoids delays in claims and ensures beneficiaries receive funds promptly.

5. Put a Power of Attorney in Place

A Lasting Power of Attorney allows a trusted individual to make financial or health decisions on your behalf if you lose capacity. Without one, loved ones may need court approval to act, which can be costly and time-consuming.

6. Prepare Information for Inheritance Tax Reporting (IHT400)

The IHT400 form is required when an estate may be liable for Inheritance Tax. While it’s completed after death, preparing accurate financial records in advance makes the process far smoother for executors. Keep details of:

• Assets and liabilities
• Gifts made
• Trust arrangements
• Property values

7. Keep Proof of Ownership for Assets

Executors must confirm what you owned. Maintain documentation for:

• Property
• Investments
• Vehicles
• Business interests
• Valuable possessions

Clear records reduce probate delays and minimise the risk of assets being missed.

8. Maintain Secure Account and Login Information

Modern estates often include digital assets and online accounts. Ensure your executors can locate:

• Bank and investment accounts
• Online platforms
• Email accounts
• Subscription services

Use a secure password manager or sealed written record and tell your executor how to access it safely.

9. Store Marriage and Divorce Documentation

Legal relationship documents are often required when administering an estate. Marriage certificates, civil partnership records, and divorce decrees can affect inheritance rights, tax allowances, and entitlement to benefits. Keeping these accessible avoids unnecessary administrative delays.

Why This Matters

When financial records are clear, structured, and accessible, estate administration becomes faster, less stressful, and more cost-efficient. Most importantly, it ensures your wishes are carried out exactly as intended.

Powers of attorney Inheritance Tax and Wills are not regulated by the Financial Conduct Authority.

Approved by Quilter Financial Services Ltd,  March 2025.