Writing a will is often seen as the cornerstone of estate planning. While it’s hugely important, there are some additional tools you can use to strengthen your intentions and reinforce your wishes.

The good news is that these are accessible and fairly simple additions that can enhance what’s already there. What’s more, dealing with an estate following a bereavement can be a tough time for your loved ones, and anything you can do to make it a little easier will be welcomed.

Read on to find out four easy ways to enhance your estate planning and make sure your wishes are followed.

Your will forms the foundation of your estate planning, while other resources will support and strengthen it

Thinking about what might happen after you’ve gone can be difficult, which is why some people put it off.

However, it helps to see estate planning as part of your overarching financial strategy. When you work with us, looking at how to pass on your hard-earned wealth is an important part of our conversations.

Writing your will is the first place to start. There’s a good chance you’ve already done this (and if you haven’t, this might serve as a reminder to think about putting one in place). It is a key legal document in which you can set out how you’d like your wealth to be distributed, appoint guardians for any dependants, and assign executors to manage your estate.

Setting out your wishes in your will forms the foundation of your estate planning in terms of what will happen when you die.

In addition to your will, there are other devices at your disposal. Here are four ways you can enhance your estate plan.

1. A letter of wishes can add clarity

Unlike a will, a letter of wishes is not legally binding. It acts as an accompaniment to your will, and can contain:

  • Explanations of your decisions. This may be prudent if you’ve expressed anything that may be considered unusual in your will and could help to defuse tensions or hurt feelings that may arise as a result.
  • Funeral preferences. Here’s where you can set out whether you’d like to be buried or cremated, if you’d like a service or a wake, and other details that are important to you, such as readings or music.
  • Who to notify. Including the names and contact details of people you’d like to be told about your death can be really helpful for your loved ones.
  • Specific advice for guardians. You can name guardians for any dependants in your will, but your letter of wishes allows you to add further detail, such as education, religion, or lifestyle preferences.
  • Pet care. You’ll need to specifically express in your will who you’d like to look after any pets, especially if they’re going beyond your immediate family. But as with your dependants, here you can detail particulars about your pet.

It’s important to remember that you’ll need to get permission from appointed guardians for your dependants, or those you choose to look after your pets, before naming them in your will. Your letter of wishes then serves as further detail for these guardians.

2. Codicils give you the flexibility to amend your will

If you want to change any part of your will, a codicil is a helpful way of legally doing so without having to rewrite the entire document.

You can make minor amendments, such as updating your beneficiaries or changing your executors, using this method.

However, a codicil is a legal document, which means it needs to be signed by two independent witnesses in the same way as a will. It’s a good idea to store it along with your will to avoid any confusion.

If you want to make big changes or additions, a codicil might not be suitable, and rewriting your will could be a clearer option.

3. Regular reviews ensure that your will is kept up to date

While writing a will is important, reviewing it is also essential. Life circumstances change all the time, and what was appropriate at the time of writing may have changed significantly in your later years.

For example:

  • You may have moved house
  • Your dependants may now be older and no longer require a guardian to be appointed
  • You may have welcomed grandchildren who you’d like to include in the will.

Reviewing your will every two years keeps it up to date and ensures that it reflects your current circumstances and wishes.

4. Nominating your pension beneficiaries makes sure death benefits go to the right people

Filling out a “nomination of beneficiary” form (sometimes known as an “expression of wish” form) means that your pension provider knows who you would like to receive your death benefits. This can be one person, or you can nominate more than one.

Your pension provider usually has the final say over what happens, but they will generally be guided by your wishes.

Get in touch

Estate planning is not a once-and-done activity. It’s an important part of your wider financial strategy, and we recommend regular reviews to revisit your plans and make sure they’re up to date.

At Intelligent Pensions, we can help with any aspect of estate planning, whether you’re just getting started or would like to talk to us about updates or reviews.

Please email hello@intelligentpensions.com or call 0800 077 8807 to find out more.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

The Financial Conduct Authority does not regulate estate planning or will writing.