Financial Checklist

Financial Checklist:

Unless particular accounts are mentioned in a Will, and simply comprise part of the Estate, there is no need to mention them. However, one of the main difficulties Executors face is the task of gathering in all of the assets because they don’t know where they are. They can piece together as much as possible from paperwork, but if they don’t know about an investment, and there is nothing in the Testator’s personal papers to point to it, it can be missed.
Billions of pounds sit in dormant accounts and investments. Many of these are from people who have died and their executors have no knowledge of its existence.

It is therefore a good idea to write down all of your savings and investments and having this information with the Will. Obviously you will need to amend it as and when any changes occur, but this simple process will make the whole Administration easier. This list can also serve as a guide to help you determine the potential value of your Estate, so you can implement careful planning if need be to make the most of your Nil Rate Tax Allowance and Tax Exempt Gifts.

 

Bank Accounts:

For each one:

Name of Bank

Type of Account

Held in the Name of

Sort / Account Number

 

Investments

E.g. ISAs (Cash or Shares), Unit Trusts, Premium Bonds etc

For each one:

Name of Provider

Type of Investment

Held in the Name of…

Account Number

 

Shares

For each investment:

Company

Online Account Number (if relevant)

Type of Shares

Is there a certificate?

 

Life Insurance

Name of Company

Type of policy

Assigned to Anyone?

Maturity Date

Account Number

 

Private Pensions

Name of Company

Account Number

Type of Scheme

Assigned to anyone?

 

Property (although most people only have an interest in the home they live in, there may be interests in other properties, such as a business premises, the Executors don’t know about)

 

Any Other Assets: E.g. Trusts assigned to you (e.g. from a Will), Assets held on your behalf by a third party, business interests, dividends, cash sums not held in accounts, money owed to you etc.