LISTING YOUR ASSETS AND LIABILITIES

A problem that some executors are confronted with when they come to administer the estate of a dead person is that details of the deceased’s assets and the relevant documentation are hidden away. This can be a particular difficulty in the case of people who have been living on their own and have not confided in anyone.

Unfortunately, the executors cannot get the authority to prove the will until they have submitted the Return of Estate Information Form to HM Customs and Revenue, which itemises the liabilities and assets of the estate. For this reason you need to list any property you own, any outstanding loans or mortgages you have taken out, and provide details of your bank and building society accounts, insurance policies, investments, National Savings and Premium Bonds, etc. It is not necessary to provide a valuation, as the value of many investments is subject to fluctuation.

Once you have made your list, you can either give copies to your executors and next of kin or place it in a sealed envelope with words to the effect that it is to be opened only after your death. It should be lodged securely with your solicitor, bank or the Will Registry Office and copies given to your designated executors.

See Figure 3 for an example of the things you should include in your list.