Download PDF Articlehub_The one thing missing from your bucket list
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Planning for your death means your family can grieve without the added worry of financial stress. Start estate planning for life with these simple steps.
Tragedy strikes. A loved one passes away. You try to organise their estate but you can’t find the will. Bills are stacking up and a long-lost child appears claiming their inheritance. What do you do? If only your loved one had organised everything into one neat document!
You can ensure your family doesn’t face this problem by compiling all the information they’ll need.
What you need to consider:
- People. To avoid the surprise of a stranger suddenly appearing after your death and laying claims on your will, record the details of all the important people in your life, from extended family to past de facto relationships. Also include advisers and professionals such as doctors and accountants.
- Paperwork. We all dread it, but the paperwork will need to be completed. Collect all the essentials like your will, power of attorney, birth certificate, marriage certificate, passport and driver’s licence. And get them certified!
- Your business. Don’t make your spouse hunt down your company’s files. Make a list with details such as your tax file number, business number and partnership agreements.
- Know your assets. Make sure you have a detailed list of your assets from retirement products to investments to non-property assets (wine collection anyone?).
- Debts. Your executor is legally obligated to pay your debts. Relieve their financial burden by recording all debts – from credit cards to car loans – and include important details like repayment terms.
- Insurances. Make a list of your asset, life and other insurances, including policy numbers, amounts insured and other important details.
- Legal stuff. Executors have been sued because they didn’t know all their loved one’s legal duties. Don’t risk putting them through court. Describe all parenthood, carer, business and estate responsibilities.
- Bills. Often it’s the day-to-day stuff that takes the most time to process. Keep a list of all the bills you pay, including payment methods and login details.
- Medical records. In case of emergency you want your doctor to have all the necessary information. Record your allergies, medical regimes, family medical history and all other relevant health details.
- Online identity. Make sure your family can access what’s needed when the time comes by providing login details for your online banking, superannuation, tax office accounts, Facebook and anywhere else you venture online.
With an estate plan for life there’s no reason to put your family through stress. Talk to a financial planner today to give you and your family peace of mind.
Source:
The bugger went and died on me … AND I DON’T KNOW WHAT TO DO at www.gilgordon.com.au/download-free-ebook/