“What to Do When Before You Die”

Essential Estate Planning Checklist

Legal Documents

• Will. Ensure you have a current, legally valid will so your assets are distributed according to your wishes.
• Lasting Power of Attorney. This is critical in case you cannot function cognitively to manage your own affairs, allowing someone you trust to make decisions on your behalf.

Documentation

• “When I Die” folder or notebook. Create centralized documentation of all essential information so your loved ones can find what they need (check out Meaningful Money website and podcast for more on this—they typically cover it once a year).
• Records of businesses, banks, bills, and assets. Maintain comprehensive records and set an annual reminder to review and update these so nothing is overlooked.

Communication and Access

• Quarterly sessions with spouse or next of kin. Schedule regular reviews of your financial situation together so they understand your affairs before an emergency arises.
• Joint names on bills. Where possible, add your spouse or next of kin to accounts so they can manage them without legal complications.
• Shared password vault. Use a password manager with shared access for accounts that can’t be joint, ensuring your family can access critical accounts when needed (good practice anyway).
• Shared email account. Consider setting one up for household management so important communications aren’t lost in a personal inbox.

Insurance

• Comprehensive coverage. If you can afford it, protect your family against financial hardship by considering:
  • Critical illness cover to replace income if you’re diagnosed with a serious condition.
  • Income protection to cover regular expenses if you can’t work.
  • Death or life cover to provide financial security for dependents.
  • Medical insurance to avoid depleting savings for healthcare costs.

Pensions

• Expression of wishes. Ensure all pensions have up-to-date beneficiary designations, as pensions are at the administrator’s discretion and millions still list ex-spouses as beneficiaries, which often causes family disputes.
• Consolidation. Simplify by consolidating workplace pensions into one SIPP where appropriate, making them easier to track and manage (except defined benefit schemes—get professional advice if needed).

Digital Legacy

• Online legacy services. Some platforms like Meta (neé Facebook) allow you to transfer ownership to another user upon proof of death, preserving memories and access.
• Social media and digital accounts. Decide what you want to happen to each account so your digital presence is handled according to your wishes.
• Digital downsizing. Take stock of all accounts and eliminate unnecessary ones, reducing the burden on those managing your estate.

Final Wishes

• Document your preferences. Put in writing what you want when the inevitable happens so your family isn’t left guessing during an emotional time:
  • Burial or cremation preferences.
  • Wake or memorial service details.
  • Music playlist for the service.
  • Poems and readings you’d like included.
  • Any other specific requests or wishes.

---

This comprehensive checklist ensures your affairs are in order and reduces the administrative and emotional burden on loved ones during difficult times.