Succession planning doesn’t need to be complicated or time‑consuming. In fact, some of the most meaningful progress begins with small, simple steps. We’ve put together a short guide for anyone starting to think about organising their affairs. Its purpose is to help you create a plan that feels manageable, intentional, and fully within your control.
Below, you’ll find our suggested five step approach.
1) List your assets and liabilities including those that you share with others
Before you make any decisions, you should determine a clear inventory of the assets and liabilities that you currently have. This doesn’t need to be perfect or overly detailed.
Start by collating a simple list of:
- Tangible assets
- Property
- Vehicles
- Personal items
- Valuables
- Intangible assets
- Bank accounts/savings accounts
- Pensions
- Investments
- Life insurance
- Business interests or investments
- Money owed to you
- Money or gifts that you may have made
- Liabilities
- Mortgages
- Loans
- Credit cards
This will give you a foundation for every decision that comes next.
2. Check your Will
A Will is the cornerstone of your plan and one of the most important tools in succession planning; yet so many people put off reviewing it.
Ask yourself:
- Do I have a valid Will and if so, where is it?
- When did I make my Will and does it still reflect my wishes?
- Are the right people named as my executors and beneficiaries?
- Do I need to think about my children and who will be appointed as guardians?
- Has anything changed in my life since it was written?
- Have I heard of or read of any legal changes that may be relevant to me and my Will?
- Do I understand about Inheritance Tax (IHT) and do I need to think about mitigating my potential IHT liability?
Even a small update can make a big difference.
3. Review your beneficiary forms
Not all assets pass in accordance with your Will and it’s often the case that pensions and life insurance policy benefits pass directly to named beneficiaries.
It’s therefore worth checking:
- Do I have the correct nomination forms in place?
- Are the correct people listed?
- Do they reflect my current wishes and family circumstances?
This is one of the quickest and most impactful steps that you can take.
4. Identify your priorities and main concerns
Succession planning is ultimately personal. It’s shaped by your values, your relationships and your wishes for the future.
Take a moment to reflect:
- What matters most to me?
- Who do I want to support now or later?
- How do I want my wealth to be used or remembered?
- What does “fairness” look like in my family?
This is where planning becomes intentional rather than reactive.
5. Choose one small action
The truth is you don’t need every answer to begin. Planning often starts with a single step and that step creates the clarity and momentum for the next.
That might be:
- Booking an appointment with a financial planner
- Updating your Will or reviewing the contents of your Will
- Compiling a simple list of your assets and liabilities
- Having an initial conversation with your family about your wishes and arrangements
- Reviewing a pension or insurance beneficiary form
- Writing down your intentions or legacy wishes
It’s important to remember that you don’t need every answer straight away.
Succession planning is not about giving something up, it’s about what you gain. You gain clarity, choice, confidence in your decisions and most importantly you gain the peace of mind that comes from knowing your intentions are clear for the people that matter most.
Whether you are at the very beginning of your succession planning journey, or well underway, we’re here to help you navigate the process and make decisions that feel right for you and your family.
If you’d like to take the next step or simply want to talk things through, we’d be happy to support you.
Important Note
The information contained within this document is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
This article is distributed for educational purposes only. This communication does not constitute financial advice. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult your financial planner to take into account your particular investment objectives, financial situation and individual needs.
The opinions stated in this document are those of the author and do not necessarily represent the view of Progeny and should not be relied upon to make a financial decision.
Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.
Any links to third party websites provided are for convenience only. We do not control, endorse, or guarantee the content, accuracy, or availability of these external sites. Users access these links at their own risk.
Please note
Tax treatment depends upon individual circumstances and is based on current UK tax legislation, that is subject to change at any time.
