A Guide to Organising Your Finances in your Will

Making a Will isn’t just about deciding who gets what, it’s about giving yourself peace of mind and protecting your loved ones.

At Hegarty, we know that organising your finances in a Will can feel daunting. Our friendly team of experienced solicitors are here to guide you through the process, making sure your wishes are clear, legally valid, and tax efficient.

In this article, we’ll explain why organising your finances in a Will matters, what to include, and how we can help you make it legally watertight.

Why Organising Your Finances in a Will is Important

Without a valid Will, your estate will be divided under the UK’s intestacy rules and that might not match your wishes. By planning ahead, you can:

Ensure your assets are passed to the right people
Protect vulnerable beneficiaries
Reduce the risk of disputes after you pass away
Minimise potential Inheritance Tax liabilities
Appoint trusted executors to manage your estate

What to Include in Your Will

Property

Your home and any other properties you own, whether solely or jointly.

Clarify how ownership is held (joint tenants or tenants in common), as this affects how it passes on. If you’re not sure, we can help you with this.

Savings and Investments

Bank accounts, ISAs, stocks, shares, and bonds.

Ensure you keep a list of account details in a secure place.

Jointly Owned Assets

In the UK, jointly owned assets will usually pass automatically to the surviving owner, unless there is a legal arrangement stating otherwise. This applies to joint bank accounts, stocks and shares, and jointly owned property. While this may suit some people, it’s not always the outcome you want.

If you would prefer your share of these assets to go to someone else, you may need to change the ownership structure — for example, from joint tenants to tenants in common for property. Our solicitors can review your joint holdings and advise on the right steps to ensure your estate planning matches your intentions.

Pensions and Life Insurance

Many pensions and life policies are dealt with outside your Will, but nominating beneficiaries is still essential.

Check and update your nomination forms regularly.

Business Interests

Shareholdings, partnerships, or sole trader assets.

Succession planning for business continuity.

Personal Possessions

Jewellery, vehicles, collections, and sentimental items.

These can be left to specific people through specific bequests.

What is not included in a Will?

It’s important to understand that not everything you own can be dealt with through your Will. Pensions, certain life insurance policies, and assets held in trusts are generally excluded from your Will’s control. For example, many life policies are written into a trust or have named beneficiaries, meaning the pay-out goes directly to them. Similarly, most pensions are held under a master trust, with the scheme’s trustees deciding who inherits after your death.

Due to recent Inheritance Tax changes, knowing the value of your pensions is crucial for effective estate planning. However, you will need to nominate your beneficiaries separately from your Will, usually by completing your pension provider’s nomination form. Understanding the tax implications of these nominations is essential to avoid unintended consequences. Our experienced solicitors can guide you through this process, ensuring your pensions and life policies work seamlessly alongside your Will.

Tips for Organising Your Finances Before Making a Will

Create an asset list – so nothing is overlooked.
Consider debts – mortgages, loans, and credit cards still need to be settled from your estate.
Review regularly – life changes such as marriage, divorce, or children may mean your Will needs updating.
Seek professional advice – mistakes in a DIY Will can lead to costly disputes.