A will is the starting point, not the finish line. Most people who write a will still leave their pension nomination forms blank, have no lasting power of attorney and leave no record of digital assets. The administrative burden on executors -- and family disputes arising from incomplete planning -- are almost entirely preventable.
| Document | Why it matters | Without it |
|---|---|---|
| Will | Controls who inherits your estate | Intestacy rules apply -- unmarried partners get nothing |
| Pension nomination form | Controls who receives your pension pot | Pension trustees decide at discretion -- can override your will |
| Lasting Power of Attorney | Someone manages your finances if you lose capacity | Court of Protection application -- costly and slow |
| Digital asset inventory | Records login details and digital assets | Assets may be permanently inaccessible |
Your Will -- What It Does and Does Not Cover
A will controls distribution of your estate -- property, savings, investments and personal possessions. It does not control pension funds in defined contribution schemes (these pass via nomination form outside the estate), life insurance written in trust (passes directly to trust beneficiaries), or joint assets held as joint tenants (pass automatically to the surviving joint owner). A will must be signed in the presence of two independent witnesses who are not beneficiaries under section 9 of the Wills Act 1837.
Pension Nomination Forms -- The Most Overlooked Document
Defined contribution pension pots do not form part of your estate and do not pass under your will. If you leave your nomination form blank, trustees typically default the pension to the estate -- meaning IHT may apply and probate delay applies. Contact every pension provider you have ever contributed to. Update the nomination form after every major life change -- marriage, divorce, birth of children. (Source: Pension Schemes Act 1993)
Lasting Power of Attorney -- Before You Need It
An LPA authorises a named person to manage your financial affairs or health and welfare decisions if you lose mental capacity. Registration takes approximately 20 weeks and costs 82 pounds per LPA. (Source: OPG 2026 registration fees) If you lose capacity before registering an LPA, the only route is a Court of Protection deputyship order -- which costs thousands of pounds and takes many months. Create your LPA while you are well. Apply at gov.uk/power-of-attorney.
Life Insurance Written in Trust
Life insurance paid to your estate becomes part of the estate for IHT purposes and is delayed by probate. Writing a policy in trust means the payout goes directly to named beneficiaries outside the estate -- no IHT, no probate wait. Most insurers offer a standard trust form at no cost. This is one of the simplest estate planning steps available and is widely underused.
Digital Asset Inventory
Assets that may be permanently lost without a record: cryptocurrency in self-custody wallets (lost without the private key or seed phrase), online investment accounts, Premium Bonds and NS&I accounts, domain names and website income, and loyalty points with significant value. Create a document listing every account and approximate value -- do not store actual passwords in a will as wills become public on probate. Store it securely with your will and tell your executor where it is.
This article is for information only and does not constitute financial or legal advice. Consult a qualified adviser for guidance tailored to your situation. Check the FCA register at register.fca.org.uk before dealing with any financial firm.
Frequently Asked Questions
Does my pension pass under my will?
No. Most defined contribution pension pots do not form part of your estate and do not pass under your will. They are distributed by pension trustees according to your nomination form. Update your nomination form with every pension provider -- do not assume your will covers it.
Can I write my own will?
Yes -- a handwritten or typed will is legally valid if correctly signed and witnessed under the Wills Act 1837. For straightforward estates, online will writing services regulated by the SRA provide a cost-effective option. For estates with property, trusts, business interests or blended families, solicitor drafting is strongly recommended.
Is it too late to create an LPA after a dementia diagnosis?
An LPA can be created as long as you have mental capacity at the time of signing -- a dementia diagnosis does not automatically mean you lack capacity. If capacity is questionable, a solicitor should certify capacity at signing. Once capacity is fully lost, Court of Protection is the only route.
Sources
- Wills Act 1837: legislation.gov.uk
- Office of the Public Guardian: gov.uk/power-of-attorney
- NHS Organ Donation Register: organdonation.nhs.uk
- Mental Capacity Act 2005: legislation.gov.uk
