Keep an up-to-date list of what you own, and how to access it, alongside your will. It saves your executors time and money, because they must value everything you own before they apply for probate.
Why not list everything in my will?
What you own when you die may be very different from what you own today. If your will lists specific accounts or shares, you would need to update it every time you change bank, sell something or buy something new. A separate list can change whenever you like.
Where should the list go?
Put it in a letter of wishes, kept with your will. You can update the letter as your situation changes, without updating your will.
What to include
| Type of asset | Details to note |
|---|---|
| Bank and savings accounts | Provider and the last four digits of each account |
| Property | Address, whether it is owned jointly, and any mortgage |
| Pensions and life insurance | Provider, policy number, and any nomination you have made |
| Shares and investments | Platform or registrar, and account references |
| Valuables | What they are and where they are kept |
| Digital assets | Online accounts and how your executors can find out about them |
| Debts | Loans, credit cards and who you owe |
Do not write passwords in the list. Explain where your executors can find what they need instead.
How it helps your executors
Your executors have to value the estate and report it to HMRC before they apply for probate. See applying for probate. A clear list means fewer letters, fewer searches and a lower cost to the estate.