Estate Planning With Assets in the UK

Personal assets are a really important part of estate planning.

Personal assets play an important role when it comes to estate planning, writing your will, and even when purchasing a life insurance policy — but more on that later! Personal assets are what make up your estate, and they are also known as items of value. 💷 In simple terms, assets are things that put money in your pocket, and can include:

Liabilities are found on the other end of the spectrum, meaning they take money out of your pocket. It’s important to remember that your estate may also have liabilities like debt including:

  • a mortgage
  • your credit card balance
  • loans
  • bank overdraft

The value of people’s personal assets can often amount to much more than you think, as can debts. In order to know your own wealth and keep on top of things, it’s a good idea to make a list of all your assets and debts and to update it regularly. Whether you want to do this electronically 💻, or kick it old-school with a paper copy 📝 is up to you — the most important thing is that you keep it safe 🔐. When making your list of assets, the more details you provide, the better.

Assets are definitely things you should put in your will, because a will allows you to specify exactly what you want done with them or who you want them to go to when you die. But your will isn’t always the best place for them. Sometimes, a trust is a better option because it allows you to:

  • avoid probate, which saves both time and money for your beneficiaries
  • protect your privacy — wills become public documents after death

Once you’ve made your will, it’s a good idea to keep it somewhere safe and secure. We have two options where we actually keep your will safe for you! (and remember that it’s always online as well 👏) If you’re keeping your will at home, there are some other documents you may want to store with it include:

  • property deeds
  • insurance policies
  • information regarding savings accounts and investments
  • mortgage or loan documents
  • pension documents

If you haven’t written a will yet, Bequest has you covered. Sign up today and make your will online. Trusts and Inheritance Tax can be confusing, but when you sign up our estate planner will give you a call personally!

🌍 Have assets abroad? Read more about overseas assets

##What do assets have to do with a life insurance policy?

The answer to that is really quite simple, it helps to determine your coverage. Let’s say you take a mortgage out to buy a house. 🏠 If something were to happen to you, you would want to make sure your life insurance coverage was large enough to cover your mortgage along with other expenses. While there is no rule to say you have to have life insurance to get a mortgage, it’s generally a pretty good thing to have.

Additionally, some people choose to get term insurance specifically for the length of time they have a mortgage. Or until their dependents (children) are no longer dependent on them financially or when they hit age 18 etc.


At Bequest, we offer term life insurance between 5 - 40 years with both level and decreasing coverage. If you’re new to will writing and life insurance, and need some clarification, send us an email alexa@bequest.com. We’re more than happy to help! ⭐️

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FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. "Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

0203 916 5433

FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. "Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.

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