As you plan your will, it’s natural to start thinking about what might happen to your pension when you pass away, and what the tax implications of passing on your pension to a loved one. How your workplace pension or a pension that you’ve set up yourself may be paid to your beneficiaries when you pass way depends on what type of pension you have.

Whether or not you should buy life insurance is a personal decision that depends on your individual circumstances. If you pass away, life insurance can provide financial security for your loved ones by paying out a lump sum of money. This money can be used to pay off debts, cover funeral expenses, or provide for your loved ones' future needs.

Ensuring that your loved ones are safe and secure in their own home is one of the most important considerations when writing a will, especially if they are dependent on you to keep a roof over their heads. What happens to your family home when you pass away in England and Wales depends on whether you have a will and how your home is owned.

Shared or Joint assets most commonly refers to properties owned by two or more people. For example, a flat that was purchased by a couple or group of friends to use as their main residence. However, it may also include things like joint bank accounts, for example, if you have a shared account between you and your flatmates to pay the mortgage and/or bills.

A trust is a legal arrangement where one person (the settlor) transfers assets to another person(s) (the trustee) to hold on behalf of a third person (the beneficiary). The trustee(s) are responsible for managing the assets and distributing them to the beneficiary in accordance with the settlor's wishes.

Inheritance tax (IHT) is a tax on the value of assets that are passed on to another person when someone passes away. In England and Wales, the current IHT rate is 40% on the value of an estate that exceeds £325,000. The rules for IHT are quite complex and there are a number of different allowances which can help to reduce the IHT liability.

Whenever you write a will, it reflects your wishes at the time of writing. Therefore, it’s normal to think about your beneficiaries and your estate as it stands today, rather than at the time of your passing, which is usually an unknown date far into the future. This begs the question, how can I make sure that my will can accommodate unforeseen changes in circumstances?

A living will, also known as an advance decision, is a legal document that allows you to express your wishes about medical treatment in the future if you are unable to make decisions for yourself. It can be used to refuse or accept specific medical treatments, or to appoint a healthcare proxy to make decisions on your behalf if you are unable to do so yourself.