Being Organised for the “What If”

If anything happened to you tomorrow, how much does your partner know about your finances and how easy would it be for them to find out?

Dental & Medical Financial Services have been assisting doctors with their financial planning for over 30 years. Find out more in this short-read article.

This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate wills and will writing. This article was approved by Best Practice IFA Group Limited on 26 March 2025.

It’s been five years since the pandemic turned the world upside down. The experience provided lessons in many aspects of life, not least its potential fragility. During the lockdowns, many people became suddenly aware that they had no will or, if they did, it was woefully out of date. The realisation came at a time when making an appointment with a solicitor or will-writer was nearly impossible because of the restrictions imposed on movement and meeting.

Half a decade later, were a new pandemic to arrive, such as a mutant bird flu, are you sure that your will is up to date? If you cannot answer yes, then you know, for your family’s sake, what you need to do. However, whether or not you have made sure your will is up to date, it is best thought of as a starting point rather than the end of the matter.

To be able to follow your will’s instructions, for all but the smallest estates, the people you have chosen as your executors must first obtain a grant of probate (confirmation in Scotland). In turn, this will require them to calculate the net value of your estate. This is often the point at which executors begin to realise the task they have taken on.

Accessing records

Imagine that your estate was the one to be valued: how easy would it be for your executors to prepare a list of what you owned and what you owed? Initially, they might ask a surviving spouse or partner – if one exists – for details. Unfortunately, that can sometimes produce a response such as, “Sorry, I always left money matters to him/her”.

What your executors would hope to find is a reasonably up-to-date list of your investments, bank accounts, pensions and other assets, including any borrowing (for example: credit cards, personal loans and mortgages). Ideally, each item on the list would have the relevant account/customer numbers and contact details.

If you haven’t already set up such a document – on paper or an accessible digital form – your executors are not the only ones facing a struggle. You may be, too, trying to manage your finances, especially as you get older. Taking the time to organise your affairs now, while you can, could be one of your greatest gifts to those you will leave behind.

WILLS, IHT & ESTATE PLANNING

Would your wealth be left in the right hands should you no longer be around?

Estate planning is essential to ensure that your hard-earned wealth is left to your loved ones when the time comes.

It factors in Inheritance Tax (IHT) planning to ensure you are also paying the minimum tax necessary and taking advantage of IHT tax-breaks.

Ensuring you have an up-to-date will is also essential as this outlines your wishes in a formal and legally-binding way.

This process protects your wealth and give your family lasting benefits in an uncertain world.

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