Nominations & Succession Is More Than a Will

Most families assume that if nominations are filled in, the estate is taken care of. In practice, nominations and a will do different jobs, and relying on one to do the other's work is one of the most common sources of family confusion later.

Start with a clear record. List every bank account, investment, policy, property and loan in one place, along with where the documents are kept. The single most helpful thing you can leave your family is the ability to find everything.

Next, review your nominations across every holding. They're often filled in once, years ago, and never revisited. Make sure they reflect your current wishes and circumstances.

Then make a will. It sets out your intentions clearly and can prevent disputes. It should be drafted with a qualified legal professional, and reviewed at life events: marriage, children, a move abroad, a new business.

If your children live abroad, or you own assets in more than one country, planning becomes more important still. The earlier it's done, the simpler it is for the people you leave it to.