In the UK, over 40% of adults still do not have a Will. Common reasons for failing to have this crucial document are that many believe they are too young to have one, hold misconceptions about who will inherit if they are married, in a longstanding relationship, or have children, or simply blame a lack of time.
Another key issue, even when Wills are set up, is the failure to get them correctly drafted by a professional or forgetting to include key personal possessions that could be more valuable than initially thought.
In a previous article, we discussed the importance of Digital Assets (Don’t Forget About Digital Assets in Your Will), which highlights the value and significance of someone’s digital assets, often referred to as a digital legacy.
In this follow-up blog, our Private Client team looks at the importance of conducting a Personal Possessions Review to ensure that other commonly overlooked items are not omitted from a Will.
How to Conduct a Personal Possessions Review for Your Will
A comprehensive audit of your belongings ensures that nothing is forgotten, they are valued correctly, and they are left to who you intended. Additionally, carefully and correctly drafted Wills help to avoid disputes and ensure that your wishes are carried out effectively.
Alongside the standard assets most people think about when writing their Will, such as bank accounts, property, and obvious valuable items and investments, other personal possessions should be considered.
Before considering what to include, start by creating a comprehensive inventory of your tangible and intangible belongings and review which of these have both financial and sentimental value. Below are some key areas to consider:
1. Typical Assets and Valuable Items:
Most people consider valuable or tangible items when drafting their Will, but it is still important to review and update these items over your lifetime:
- Family heirlooms, such as jewellery, antiques, furniture, watches
- Collectables, such as coins, stamps, artwork, retro gaming cards or toys
- Vehicles, including classic cars, motorbikes, boats
- Personal equipment, such as high-end photography equipment, musical instruments
Don’t forget about tax considerations, as some items may have inheritance tax or capital gains tax implications. It is crucial to seek specialist legal advice to structure your estate efficiently.
2. Assess Sentimental or Financial Value
Not all possessions will hold a financial value. However, there will be possessions that hold emotional significance, and these are just as important. Consider discussing these items with your family members to determine which ones they feel hold sentimental value for them. For example, sentimental items that are often forgotten about include:
- Letters, diaries, and journals
- Personal photographs and albums
- Handmade crafts or personalised gifts
- Memorabilia linked to a loved one or significant life events
- Clothing or soft furnishings and other houseware items
3. Include Your Digital Assets
As highlighted in our previous article, digital assets are frequently forgotten in estate planning. Be sure to list:
- Social media accounts and email logins
- Online subscription services
- Cryptocurrency and NFTs
- Domain names and websites
For digital assets and locked possessions, be sure to include access instructions such as passwords or storage locations. You should also consider providing access to digital assets in a Financial Property & Affairs Lasting Power of Attorney. This will allow the person you appoint to manage these assets for you if you lose mental capacity.
Read more about it here: https://www.roselegal.co.uk/dont-forget-about-digital-assets-in-your-will/
4. Don’t Forget Unusual or High-Value Items
When completing an asset inventory, don’t forget about some of these commonly forgotten about items:
- Intellectual property, including patents, copyrighted works
- Loyalty points, air miles, and gift cards
- Valuable clothing or designer accessories
As with all items set out in your Will, decide who should inherit each item and document this in your Will. Ensure that details are clear to avoid confusion or disputes.
It is also vital to remember that possessions and assets will change over time, as may relationships, so conducting a periodic review will ensure that your Will remains up to date.
The Importance of Thorough Estate Management and Professional Advice
Neglecting to address the importance of having a Will or account for all your personal possessions can lead to several unintended consequences. These may include complications during the probate process, family disagreements, inheritance disputes, and the possibility of losing assets permanently.
Asset reviews and enlisting the help of a trusted and regulated professional can ensure that your Will is correctly drafted in the most tax efficient way and meets your specific requirements.
Read some of our previous articles for related information:
- Have You Protected Your Estate Against The New Pension Changes?
- How Writing a Will Can Help Avoid Costly Family Disputes Over Inheritance
Specialist Estate Planning and Will Writing Solicitors
At Rose & Rose, we have a team of regulated Will writers who have the necessary legal knowledge and experience to ensure your Will is drafted correctly and complies with the law. We can provide valuable guidance, address complex scenarios, and tailor the Will to your specific circumstances.
Our expertise also includes dealing with high-net-worth families and individuals, cross-border assets, and Will disputes.
We prioritise understanding your unique circumstances and tailoring a comprehensive Will that reflects your wishes and protects your loved ones.
For further information, please contact a member of our team below.
This blog post is not intended to be taken as advice or acted upon. If you are seeking legal advice, please contact our team of solicitors.
