Inheritance planning often sounds like a tax problem. In reality, families usually experience it first as an information problem.
Where is the will? Who are the executors? Which accounts exist? Are there policies? What property is owned? Who should be contacted? What wishes were recorded? Which professionals were involved?
An inheritance readiness checklist helps answer those questions before they become urgent.
Start with the will
Record:
- Whether a will exists
- Where the original is stored
- Solicitor or will writer details
- Date it was signed
- Executors
- Backup executors
- Whether it may need review
Do not assume family members know where the will is. If nobody can find it, the estate administration process can become much harder.
Record executors and key contacts
Executors need more than a name in a document. They often need to understand who to contact and where to begin.
Useful contacts include:
- Executors
- Solicitor
- Financial adviser
- Accountant
- Insurance adviser
- Mortgage provider
- Pension providers
- Employer or business contact
- Trusted family contact
List assets
Your checklist should give a clear starting point for what exists.
Include:
- Property
- Bank accounts
- Savings
- Investments
- Pensions
- Life insurance
- Vehicles
- Business interests
- Valuable items
- Digital assets
- Overseas assets
For inheritance tax, the standard rate is 40% and is charged only on the part of the estate above the threshold, with rules and allowances depending on circumstances (GOV.UK). This is one reason a clear record of assets and liabilities matters.
List debts and liabilities
An estate is not only made of assets.
Record:
- Mortgage
- Loans
- Credit cards
- Overdrafts
- Personal guarantees
- Utility balances
- Tax liabilities
- Business debts
Executors or personal representatives may need this information when dealing with the estate.
Record policies and pensions
Policies and pensions are often spread across providers.
Record:
- Life insurance
- Workplace pensions
- Personal pensions
- Death-in-service benefits
- Income protection
- Critical illness cover
- Private medical cover
- Funeral plans
Make a note of provider names, policy numbers, beneficiaries or expression of wish details, and where documents are stored.
Include property and household information
Property can create practical work for families.
Record:
- Property address
- Ownership details
- Mortgage provider
- Insurance provider
- Utility providers
- Alarm or security provider
- Managing agent or landlord
- Keys or access arrangements
- Service contracts
This information can help families protect and manage the property during estate administration.
Add digital and subscription information
Digital life matters too.
Record:
- Email accounts
- Cloud storage
- Subscriptions
- Social media
- Online financial platforms
- Devices
- Domains or websites
- Digital wishes
Avoid insecure password lists. Focus first on what exists and who should know.
Review regularly
Review your inheritance readiness checklist after:
- Marriage or divorce
- Birth of children or grandchildren
- Death of a family member
- Property purchase or sale
- Retirement
- Business changes
- Inheritance received
- Major health changes
- Change of executor or beneficiary
Putting this into practice
Lyfeguard helps you organise estate information, documents, policies, property, accounts, wishes, executors, beneficiaries, and trusted contacts in one secure place.
Inheritance readiness is not about predicting every future event. It is about making sure the people who may one day act are not starting with a blank page.