New Years Resolution – Protecting your future with estate planning

An original version of this article was first published in the Jersey Evening Post, January 2026. 

Identify all assets and create a schedule

It can be an overwhelming and time-consuming task to identify a person's assets once they have passed away. A helpful step that you can take to assist your executor or loved ones is to prepare an asset schedule that lists what your assets are, where they are held, how they are held (for example, in joint or sole names), giving account numbers and contacts such as any relationship manager.

It would also be helpful to check what death in service benefits and/or pension or life assurance beneficiary nominations you have, as these may be dealt with separately and not via your Will.

You should keep asset details in a safe place, perhaps with your Wills, but ensure your executor or family know where to find them or how to access them when needed.

Wills

Whether your assets are substantial or small, everybody has something and it is important to prepare a Will to ensure that your assets pass in accordance with your wishes. It is also helpful to prepare a Will to clearly set out your wishes in writing and to avoid any ambiguity or disputes about your intentions.

If you already have existing Wills, it is important to review them to check whether they still accurately reflect your wishes and your current situation.

There are many things to consider when preparing or updating your Will, such as:

• have the nature of your assets changed
• has your family grown
• have family dynamics shifted
• are there any special items you want to gift
• do you still trust the person you have appointed as your executor
• do you need to make provision for any minor children
• have any previously minor children now come of age so trust arrangements are no longer needed
• what happens to your beloved pets

If you do not prepare a Will before you die, you will die intestate and Jersey law will determine the distribution of your assets to your legal heirs – known as 'heirs at law'. Do you know who your heirs at law are and would you be happy with them inheriting your estate?

Many people assume they do not need a Will because they believe their estate will pass to their closest relative, but this may not actually be the case. For example, Jersey intestacy law gives priority to siblings over parents and also gives no rights to co-habitees or unmarried partners. 

Lasting Powers of Attorney

Lasting Powers of Attorney (LPAs) are very helpful estate planning documents which are often overlooked and seen as less important than Wills. 

An LPA is a legal document that enables you to appoint one or more people (your attorneys) to help you make decisions or make decisions on your behalf when you no longer have the capacity to do so.

There are two types of LPA: one for decisions relating to your health and welfare and one for decisions relating to your property and affairs. You are able to set out clear instructions and preferences for your attorneys to follow, allowing you to give direction as to how you would like them to act. The instructions and preferences can be tailored to your specific circumstances and can assist your attorney with making decisions in line with your personal wishes.

A health and welfare LPA will cover decisions relating to your personal health and care, such as medical care, preference of nursing homes, dietary requirements, fitness schedules etc. It also gives your attorney authority to speak to your doctors and make decisions relating to life sustaining treatment.

A property and affairs LPA relates to your property and financial affairs. It can give your attorney authority to speak to your bank, social security and the tax office, for example. This can be helpful if you need your attorney to pay bills from your account whilst you are unable to do so. This type of LPA can also give instructions about your wishes relating to the sale or rental of your property, if this is needed. 

You may also consider putting a separate Business LPA in place in which you can appoint a separate attorney to step in should you lose capacity. They will be able to make decisions relating to the continuation of the business such as paying suppliers and wages.

Business owners

If you are a director of a limited company, a partner in a partnership, or a sole trader, you must ensure that provisions are in place to enable the business to continue running should you lose capacity or die, if that is what you want.

There will likely be provisions made in the articles of association or partnership agreement, but it is important that these documents do not conflict with your Will in regard to how your business assets will pass on your death. 

Care fee planning

Care fee planning involves assessing your financial situation, understanding local authority support thresholds, and exploring strategies to fund potential long-term care costs.

For effective planning, you may wish to seek professional advice from a financial advisor or lawyer about structuring your assets. It is important to remember that asset transfers can be scrutinised if made with the intention of avoiding care fees, even if made years in advance.

Don't wait until it is too late!

Many people make the mistake of waiting until it is too late to prepare a Will or LPA. 

Too often we see people or family members trying to put a Will or LPA in place for themselves or loved ones as a matter of urgency because of declining health or lack of capacity, which can be extremely stressful.

If a person lacks capacity when trying to prepare a Will or LPA, it simply cannot be done. This is why it is beneficial, for you and your loved ones, to be organised and to prepare these documents before you need them.

How Carey Olsen can help

We understand that estate planning can be a daunting task, but it does not need to be. Carey Olsen's trusts and private wealth team can assist you with all aspects of your estate planning, whether it is preparing Wills and LPAs, restructuring assets, or just coming into our office to discuss the options available to you. We are here to help, so please do not hesitate to contact one of our experts.