Ease the burden at a stressful time
If you fell seriously ill tomorrow, or died, how difficult would it be for loved ones – or your executor – to manage your affairs?
Helen* was sick for many months before she died, but even with her pointing her adult daughters, Jane* and Sue*, in the right direction, it still took a lot of time and effort to appoint them as powers of attorney, and get Helen’s relatively straightforward affairs in order. This got Jane thinking: How could she make it as easy as possible for her husband and children if something happened to her, and vice versa? Or, worst case scenario, if something happened to both of them, how could they minimise the administrative load on their executors; in this case, their competent but busy sisters?
They had up-to-date wills, but decided to also put together a document detailing everything that someone would need to sort out, if one or both of them were ill or died. Copies were given to the executors, along with copies of their wills, and they sleep better knowing they’ve done all they can (along with keeping all ‘life admin’ up to date) to lessen the load on family at a stressful time.
If you want to do something similar, this is what they included on the list – and it goes without saying, don’t include bank account pin numbers, and only give copies to people you trust implicitly:
■ Lawyers: Names, contacts.
■ Wills: Where they are; details of lawyers and executors.
■ Tax: IRD numbers and accountants’ details.
■ Bank: All accounts, credit cards, mortgages.
■ Insurances: All details on asset, personal and health insurances, including how often, and how (ie, direct debit), premiums are paid.
■ KiwiSaver: Details of KiwiSaver and other super schemes.
■ Investments: Details of all investments.
■ Property: All land property owned and title details, and all vehicle details.
■ Utilities/key bills: Power, internet, phones, rates, etc, including customer numbers and how paid.
■ Loyalty schemes: Eg, FlyBuys, Airpoints.
■ Social media/emails: Details of all, including passwords if you want them shut down.
❚ * Names have been changed for privacy.