Preparing for your death is the very last thing that anyone wants to think about.
However, taking care of these financial aspects will give you peace of mind and make handling financial affairs easier for your family members.
Your partner or other family members should be able to access your bank accounts and other assets. You may have to contact your bank or set up other processes so that your assets and accounts are directly passed to your beneficiaries. This might also help if your family requires an emergency fund to cover funeral expenses.
Introducing your partner to the nitty gritty of your finances is important. Try to get them involved in the various processes you have to undertake regularly and rarely. This might include setting up appointments where you and your partner can meet with your accountant, financial advisor, lawyer and any other professionals you are in contact with. Your partner should be aware of what needs to be done and what assets and liabilities need to be managed. If you manage your finances on your own, then you should create detailed instructions which your partner can follow to access investments and bank accounts.
A valid and updated will mean that your assets go to the people that you wish to receive them. Granting power of attorney to a trusted individual also may simplify this process if there are any mental or physical complications surrounding your death. Remember to regularly review your power of attorney and any events that may invalidate your will.
Keeping your important documents safe is easy to overlook but is essential. The person who will be managing your finances should be able to easily locate financial documents, but they should not be available for access to other individuals.
These documents include:
- Name of your financial institution along with account name and number.
- Policy provider, policy number, date account opened or policy commenced.
- Any other information that may be required to accurately identify you or your account.
- Try to include the latest account statements (or information about where to find these if you receive them via email).
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Make use of us! This guide is merely a starting point, designed to help you identify areas that might have a significant impact on your personal and business planning. We are always pleased to discuss matters with you and advise in any way we can.