You’re not alone if you haven’t thought much about life after death. A 2020 survey by Canada Life found that 59% of UK adults don’t have a will. 

Perhaps that’s not surprising when, generally, we don’t like to think about death. But your money and assets will probably outlive you, so it’s important to make clear how you want them to be managed when you’re no longer around. A will can do that for you in the most efficient way.

When planning for the future, your will is just part of the picture. There are other things worth thinking about too. Here are three pointers to get you underway… 

There are plenty of standard, off-the-shelf wills, but you might need one that’s tailored to you, written specifically with you and your family in mind.

Key things to consider: 

• Flexibility: The day before you retire, five years later and 20 years later look very different. You should be able to easily update your will as your circumstances change. A will, after all, reflects a moment in time.
• Tax reliefs: They’re there to help. Make sure you can use any tax benefits you’re entitled to, as well as understanding how they might change over time. 
• Protection: You should consider a structure that protects those you want to benefit financially when you die, whether that’s your partner, children or grandchildren. 
• Privacy: It’s worth remembering your will becomes a public document on your death, but there are ways to keep the details private which our experts could help you with.

Once you’ve considered where you want your money to go after your death, it might be worth taking a look at how your money’s managed while you’re alive.

One thing you could consider is a trust. Trusts aren’t just for the super-rich with super-sophisticated financial set-ups. They could give anyone the control they need over who gets what and when. 

Trusts are really about flexibility. Lifetime discretionary trusts, for example, are increasingly common and typically have a pool of named beneficiaries who can only access the money when the trustees decide they can. They could also be a good way to efficiently manage potential tax liabilities. 

There are other ways to manage your money during your lifetime, and trusts may not be right for everyone. It could be worth speaking to your Premier manager to assess your options.

It’s also worth putting measures in place should you become incapacitated. Entrusting someone with a lasting power of attorney (LPA) is an important insurance policy should you become unable to look after your own affairs.

Without a Property and Affairs LPA, for example, no one can manage your money and it could end up in the hands of a court. This could mean that if you have a joint account, it may be frozen. Or if you co-own a business, you might not be able to sell it.