Introduction

Death Happens: Prepare for It

Death is an inevitable part of life, yet many of us delay preparing for it. While it's a sensitive topic, planning for your death in advance is one of the most important financial decisions you can make. Taking the necessary steps today not only ensures that your wishes are honoured, but it also provides peace of mind for your loved ones during what is already a difficult time.

In this article, Ellie Pemberton walks you through 18 key things to consider when preparing your financial affairs before death. Whether you're thinking about how to manage your estate or the practicalities of health care and funeral arrangements, a well-thought-out plan can help reduce the burden on those you leave behind and ensure your legacy is preserved.

Start With the Right Conversations

Before you sharpen a pencil or dust off a deed, I’d urge you to begin somewhere far less administrative — by having a conversation. This is where legacy planning begins: not with lawyers, but with loved ones.

# 1 - Have the Unpleasant Conversation With Family Members

Most families will talk about anything but death. We’ll spend hours discussing travel plans, school fees or renovations — but bring up the question of what should happen after you’ve gone, and even the most articulate households fall silent.

And yet, I’ve seen again and again that the most avoidable distress at the end of life comes from a lack of shared understanding. Misunderstandings over funeral wishes. Siblings unsure how to divide sentimental possessions. Disagreements about ongoing care or how assets should be passed on.

These are not legal problems. They are human ones.

So, have the conversation. You don’t have to cover everything in one sitting. But begin with something simple:

• “Here’s what I’d like to happen when I die.”
• “This is how I’d like you to remember me.”
• “Let’s talk about what matters most to me.”

And let them ask questions. Not everyone will be comfortable — that’s natural. But giving your family the opportunity to hear your voice while they still can is a gift they’ll thank you for long after you’re gone.

“If you want to leave your family clarity, not conflict, don’t just write a will — speak it aloud while you still can.”

Steven Rowe, Chartered Financial Planner, Lucent Financial Planning

# 2 - Empower Trusted Family Members to Understand Your Finances

In many families, one person is the ‘financial anchor’. That individual –– tends to handle the banking, the investments, the insurance, and the strategy. The other spouse or family members may know vaguely where things are, but not how they work. That can leave a painful void if something happens unexpectedly.

Empowering your family means giving them the tools to navigate your financial world without fear. Start by sitting down with a spouse or adult children and walking them through:

• Where key documents are stored (physically or digitally)
• Who your professional advisers are (solicitor, accountant, and of course, us!)
• What assets, liabilities and insurances are in place
• How you manage cashflow and investment decisions

It may feel awkward or unnecessary. But when someone is grieving, clarity becomes gold dust. The more you demystify while you're here, the less they’ll have to untangle when you’re not.

This isn’t about handing over control — it’s about ensuring continuity.

# 3 – Not Everything is About Money, What About Your Other Wishes  

Not every legacy is financial. Some are far more visceral. For example, organ donation is one of the most powerful choices you can make — potentially saving or transforming up to nine lives. But registering as a donor isn’t enough. Your family can override your wishes unless they’re informed in advance.

Therefore, if this is something you feel strongly about, say it clearly. Document your preference. Add it to your will. But above all, tell your loved ones. Make it part of the conversation about your values, not just your funeral.

“Some gifts are measured in inheritance. Others are measured in heartbeats.”

Ellie Pemberton, Indepenedent Financial Planner, Lucent Financial Planning

Organise and Consolidate the Essentials

If the first step in preparing for death is communication, the second is clarity. Over the years, I’ve met clients with substantial wealth but deeply fragmented financial lives — a pension here, a share portfolio there, premium bonds in a drawer, and an insurance policy they haven’t looked at since the 90s.

In life, we learn to juggle. In death, the people we leave behind are left trying to catch what we’ve dropped.

This section is about bringing everything into view. When your affairs are tidy, decisions are easier. Stress is reduced. And your family can focus on what really matters.

# 4 - Locate and Consolidate Critical Documents

If you passed away tomorrow, would your spouse, children, or executors know where to find your financial information?

Too often, important documents are scattered across filing cabinets, old email accounts, or with advisers long since retired. I recommend creating a secure, centralised “life file” — either physical, digital, or both — that includes:

• Your Will and any trust deeds
• Life insurance and critical illness policies
• Property deeds and mortgage statements
• Pension details and beneficiary nominations
• Share certificates or investment platform login details
• Loan agreements or debt obligations

And just as importantly, make sure someone knows where to find it. Without this, even a simple estate becomes a logistical headache.

Read our article: How do I find a lost pension

# 5 - Catalogue Your Assets and Access Points

This goes beyond documentation. Today’s estates are more complex than ever — particularly for high-net-worth families with diversified holdings, business interests, or offshore arrangements.

I always suggest creating a clear list of:

• Bank and savings accounts (with sort codes and account numbers)
• Investment portfolios and platforms (ISAs, GIAs, bonds)
• Pensions (including preserved or legacy schemes)
• Digital wallets, crypto holdings or private investments
• Online accounts with financial relevance (such as PayPal or Revolut)
• Safe deposit boxes or physical stores of value (e.g. fine art, jewellery)

Don’t forget to include access instructions or who holds relevant passwords, PINs or keys — especially if you use a password manager or digital vault.

# 6 - Review Your Budget and Household Financial Plan

Even in later life, it's easy to let personal budgeting drift — especially if income remains steady and obligations are comfortably met. But part of death planning is thinking about the financial needs of others.

Ask yourself:

• Will my spouse or partner have enough to live on comfortably?
• Are there any costs they might not anticipate (e.g. care home fees, inheritance tax)?
• Do my outgoings reflect a sustainable drawdown from my investments or pensions?

If you’re managing wealth across several accounts or tax wrappers, simplify where possible. And consider documenting any irregular spending patterns, recurring subscriptions, or charitable donations that may not be obvious to your executors.

If you are worried about this, reach out to your financial planner to look at this in more detail!

# 7 - Ensure You’re Claiming Everything You’re Entitled To

Even the most affluent clients sometimes miss out on entitlements. This might include:

• Unclaimed pensions (especially older schemes)
• Premium Bonds or forgotten investments
• Attendance Allowance or Pension Credit for an elderly partner
• Overpaid income tax or unused personal allowances
• Benefits linked to disability, mobility or health

Review your financial entitlements not out of necessity, but out of stewardship. It’s often these overlooked details that create friction in estate administration or leave a surviving partner worse off than necessary.

# 8 - Build Savings and Review Insurance Cover

At the core of any robust financial plan is a safety net. Even in later life, it’s worth reassessing:

• How much cash you have in accessible savings
• Whether your life cover is still fit for purpose
• If any policies (e.g. critical illness or income protection) are nearing expiry or no longer relevant
• Whether you have provisions for care costs, funeral expenses or short-term liquidity for executors

It’s not just about ensuring there’s ‘enough’ — it’s about ensuring the right people have the right access to the right funds, at the right time.

“Tidying up your financial life doesn’t diminish its value — it amplifies its meaning.”

Luke James, Chartered Financial Planner, Lucent Financial Planning

Put Proper Legal Frameworks in Place

One of the most common misconceptions I encounter is that having a will means you’ve done the necessary legal planning. In truth, it’s just the starting point. Preparing your estate properly — in a way that is efficient, compassionate, and tax-aware — requires a deeper layer of structure.

These aren’t just legal tools; they are mechanisms that protect your voice when you’re no longer here to speak for yourself.

# 9 - Writing a Will Is Not Enough — But It Is Essential

Let’s start with the obvious. If you haven’t yet written a Will, do it now. Without one, your estate will be distributed under the laws of intestacy — a rigid system that rarely aligns with family dynamics or modern relationships.

A well-drafted Will does far more than dictate who gets what. It names executors who can act swiftly. It appoints guardians for young children. It enables you to make specific bequests — of assets, heirlooms, or charitable donations — that reflect your values.

Just as crucially, make sure someone knows where the Will is stored. Time and again, I’ve seen families ransacking filing cabinets, not out of greed, but grief and confusion. A valid Will is only useful if it can be found.

# 10 - Lasting Power of Attorney: Planning for the Years Before Death

We often think of death as the point at which decisions cease. But in many cases, particularly with increasing life expectancy, the more pressing issue is mental incapacity.

Setting up a Lasting Power of Attorney (LPA) — one for financial decisions and one for health and welfare — ensures that someone you trust can act on your behalf if you lose the ability to do so yourself. It is, quite literally, a licence for peace of mind.

An LPA becomes invaluable long before death. I’ve supported spouses who needed to sell a property to fund care, only to find themselves legally unable to do so without the right authority in place. Registering an LPA early costs relatively little, but failing to do so can cost your family time, stress, and thousands in fees.

"You may never need to use a Power of Attorney. But if you do, you'll be glad it was there — and so will your family."

Keely Woods, Chartered Financial Planner, Lucent Financial Planning

# 11 - The Living Will: Your Voice in Difficult Moments

Separate from the LPA is what’s known as an Advance Decision, or ‘Living Will’. This document sets out your preferences around medical treatment — for example, whether you’d want to refuse resuscitation or life-sustaining interventions under certain conditions.

It’s a deeply personal decision, but one worth considering. A Living Will relieves loved ones from having to guess what you would have wanted, and it gives medical professionals clarity during emotionally charged moments.

Combined with an LPA, it forms a robust framework for healthcare decision-making that respects your dignity and values.

# 12 - Inheritance Tax: Early Action Preserves Wealth

Inheritance Tax (IHT) planning is not the preserve of the ultra-wealthy. With frozen thresholds and rising property prices, many families now face an unexpected tax bill — even when they feel ‘comfortable’ rather than affluent.

By starting early, there are multiple strategies to consider: making gifts during your lifetime, using trusts for future generations, or arranging for life insurance policies to be held in trust to cover potential liabilities.

But timing is everything. Gifts made within seven years of your death may still be subject to IHT. Trust structures require careful advice. And the rules shift more often than many realise.

That’s why reviewing your estate plan every few years — especially after major events like marriage, divorce, or the birth of a grandchild — is not only sensible, but essential.

Read our article; Inheritance tax doesn’t affect people like me

"Estate planning isn’t a one-off task. It’s an ever-evolving long term strategy— a form of stewardship that evolves as your life does."

Steven Rowe, Chartered Financial Planner, Lucent Financial Planning

Prepare for Practical Realities

Once the legal frameworks are in place, it’s time to confront the more tangible — and sometimes uncomfortable — logistics. These aren’t always the headline items in estate planning conversations, but they’re the ones your family will encounter first. In my experience, it’s often the practical details that cause the greatest stress in the days and weeks following a death. That stress is avoidable.

# 13 - Plan for How Your Debts Will Be Settled

Debt doesn’t die with you. If you have outstanding mortgages, credit cards, personal loans, or business liabilities, your executors will be responsible for settling them from your estate. That may mean selling assets, delaying distributions, or making decisions under time pressure.

If debt is a strategic or necessary part of your financial position, make sure it’s documented and understood — not just by your solicitor, but by those who will be left to administer your estate.

It’s also worth reviewing your life insurance. If structured correctly, a policy can be used to pay off liabilities without dipping into estate assets, particularly if it’s held in trust. That can make a material difference to how much — and how quickly — your beneficiaries receive.

# 14 - Make Your Funeral Wishes Known

I’ve seen grown children paralysed with indecision over a funeral plan their parent never discussed. Burial or cremation? Religious or humanist? Formal or informal? Music or silence? Even the smallest preferences can carry great emotional weight when expressed in advance.

There’s no need to prepay or arrange every detail, but do write down your wishes — and store them with your will or in a “when the time comes” folder. Better still, speak to your loved ones directly.

It won’t be the easiest conversation you ever have. But it will be one of the kindest.

# 15 - Ensure Your Dependants Are Looked After

For parents of younger children, this point is straightforward: name guardians in your Will, and ensure they’re both willing and able. But for high-net-worth individuals, the concept of a ‘dependant’ often extends further.

It may be an adult child with learning needs. A sibling with mental health challenges. A long-standing employee who’s been treated like family. Or a spouse who has never managed the finances.

Thinking clearly about who might be vulnerable when you're no longer here is a powerful exercise. In some cases, this may require setting up a trust. In others, it’s about leaving clear instructions, cash reserves, or temporary oversight from a trusted adviser.

It’s not just about wealth transfer. It’s about care.

# 16 - Deal With Your Digital Life

Over the last decade, the digital dimension of estate planning has grown from an afterthought to a necessity. From online banking and trading platforms to social media accounts and cloud storage, your digital footprint will persist long after your physical presence fades.

The challenge is that many of these accounts are password-protected, multi-factor authenticated, and governed by terms of service that don't easily accommodate bereavement.

The solution? Create a digital inventory. List your key online accounts — both financial and personal — and store access credentials securely, either with a trusted digital password manager or via a trusted executor. Some platforms even allow you to appoint a ‘legacy contact’ who can manage your account after death.

Think also about your digital assets: intellectual property, domain names, cryptocurrency wallets. These are real, often valuable, components of your estate. Don’t let them disappear into the cloud.

“Digital death is a modern problem — but like everything else in estate planning, it’s solvable with forethought and documentation.”

Luke James – Chartered Financial Planning

Plan for Your Business or Long-Term Care

The final pieces of the puzzle are often the most personal. For some, it’s the business they’ve built over decades. For others, it’s the question of how they’ll be looked after if their health falters. These decisions carry emotional weight — and yet they’re frequently postponed until circumstances force them to the surface.

Thoughtful planning here isn’t just prudent. It’s empowering.

# 17 - Anticipate the Cost and Complexity of Long-Term Care

It’s a common misconception that death is the final financial event. In reality, the years leading up to it can be just as consequential — particularly if you require later-life care. Whether due to illness, dementia, or frailty, the financial impact of losing independence can be considerable.

Residential care home fees in the UK can easily exceed £60,000 per year for private facilities. If you have complex needs, those costs rise quickly. And if you’re married, your spouse may still need access to income and capital — all while your own assets are being drawn down.

This is why I encourage clients to think early about how they might fund care without disrupting other priorities, such as preserving wealth for the next generation. It might mean ringfencing certain assets, using a blend of pensions and investment income, or taking out a care insurance product while still eligible.

But it’s not just about money. Planning for care also involves practical choices: where would you want to be looked after? Who should be consulted if you can’t speak for yourself? And what compromises would you be willing — or unwilling — to make?

When these preferences are captured in a living will, a financial plan, and (critically) in a conversation with your family, the decisions that follow are far less traumatic.

# 18 - Don’t Leave Your Business in Limbo

For business owners, the company you’ve built is often more than an asset — it’s an identity. But it’s also part of your estate. If your exit strategy doesn’t extend beyond retirement and into incapacity or death, you may be leaving your team, shareholders, and family exposed.

I’ve worked with clients where the business was thriving, the numbers looked strong — but nobody knew who was in charge if the founder didn’t return from a hospital stay. Shares were frozen. Salaries were at risk. And the surviving spouse, already overwhelmed, had to make decisions about something they’d never been involved in.

That’s avoidable.

Business succession planning should cover several scenarios:

• What happens if you die unexpectedly?
• Are there key person insurance policies in place?
• Do your Articles of Association allow for the transfer or sale of shares on death?
• Is there a shareholder agreement with a clear buy-sell mechanism?
• Who takes the reins operationally, even on a temporary basis?

For family businesses, this also touches on more emotional questions. Do your children want to take over? Are they ready? And if they aren’t — would a sale be preferable to watching something unravel?

You don’t need all the answers today. But you do need a framework that others can pick up if you no longer can.

“Death is the ultimate succession event — and businesses that plan for it are the ones that endure beyond their founders.”

Ellie Pemberton – Independent Financial Planner

Protect Independence. Preserve Legacy.

Whether it’s the cost of care or the future of a business, the underlying theme here is continuity. Your goal is to protect the people, structures, and values that matter — even in your absence.

This is where financial planning becomes legacy planning. It’s not just about how much you leave, but how well you prepare those left behind.

Conclusion:

Leave Order, Not Uncertainty

Preparing your financial affairs before death is not a task reserved for the anxious or overly cautious — it’s an act of care. Of stewardship. And, in many ways, of love.

Throughout my career, I’ve seen the difference between those who plan and those who don’t. The former leave behind certainty. The latter, however well-intentioned, often leave their families burdened by decisions, disagreements, and avoidable delays.

The 18 considerations we’ve explored in this article aren’t exhaustive, but they form a solid foundation. They prompt the right conversations, encourage you to organise and consolidate, help you put proper legal structures in place, and make space for the deeply personal aspects of succession, care, and legacy.

This isn’t about being morbid. It’s about taking quiet control of what you will one day leave behind — and making it easier for those you love to carry on.

Because in the end, the greatest legacy you can offer may not be wealth. It may be clarity.

If You’re Ready to Start, We’re Here to Help

If this article has prompted reflection, you may be wondering where to begin. Perhaps your will needs updating, or you’re unclear on your exposure to inheritance tax. You might simply want someone to sense-check your current arrangements and highlight what’s missing.

That’s where we come in.

There’s no pressure, no obligation — just an open, confidential conversation with someone who understands the practical and emotional dimensions of estate planning.

Feel free to get in touch for thoughtful, personalised guidance.

Disclaimer: This article does not constitute financial advice. We recommend that you speak to a qualified financial planner for advice tailored to your individual circumstances and goals. Financial markets may go up or down, and you are not guaranteed a return on your investment. Past performance is not necessarily a guide to future performance.