When we lose somebody we love it can be hard to focus on the most mundane tasks. That is why it is important to try to make things as easy as possible on your loved ones during this time so that it reduces any unnecessary stress.
A good idea is to keep a list of all your assets and liabilities on a sheet attached to your Will. An example is listed below:
|
Description |
Provider/Company |
Approximate Value |
Name and number of a contact person who can help |
|
Term deposit |
ABC Bank |
$25,000 |
Joe Bloggs, branch manager ABC Bank In your capital city. Ph: 123456 |
|
Life insurance |
XYZ Insurance |
$600,000 |
Mary Sue – Financial Adviser PH: 654 321 |
As your assets and liabilities change it is a good idea to update this sheet. You may also attach copies of policy schedules or a statement so it is easy for your loved ones to locate where your estate assets are held. Make sure that your nominated executor knows where your Will is located, you may choose to leave it with a professional (this could be a solicitor or your financial planner) who will be able to assist the family in the event you should pass away.