Being Chartered Accountants we are often faced with solving the monetary affairs of clients passing away unpredictably.  If plans for fiscal management have not been put in place, this can cause serious problems for those left behind.
Here’s a easy checklist that can help.  It’s our responsibility to ensure we do these things before we expire:

1.  Document the name of your bank account numbers and passwords. Keep this information private. Put it with your lawyer or your accountant or better still, both professionals. Make certain that the document is only to be opened and read upon your end.

2.  Document a written letter to your spouse or family, your lawyer or your accountant. Stipulate the steps that ought to be taken on your passing. For instance, does somebody owe you some money which hasn’t been recorded in say your economic statements but which you need composed on your passing away? Do you need to contribute your organs?

Register your desires so they are simple to stick to and have no vagueness? Again, insist on that the paper ought to only be opened and understand upon your passing away.

3.  Do you have a current Will? Make sure you do and that your lawyer, accountant and your spouse have a duplicate of that Will.

4.  Do not revoke or stop a life insurance policy without having an different policy set up.

5.  Keep a duplicate of your life cover policy with your lawyer, accountant or partner.

6.  Make sure the policy for life insurance is recorded in the names of the Trustees of your Family Trust.

7.  Go ahead and have a Trust, but ensure that assets that are business are not mixed with property that are business connected. For example, put personal assets such in the function of your family home in your Family Trust and keep your business possessions, such in the function of the shares in your business in your Trading Trust.

8.  Have a current Memorandum of wishes for each of your Trusts. Tell your present Trustees in your Memorandum of requests precisely what you would like done with the belongings of the Trust when you pass away.

9.  Leave a duplicate of your current Memorandum of wishes with your lawyer, accountant and present family.

10.  Do you have a game plan for your firm if you are a business owner? What exactly should happen on your end? Who ought to be put in rule until your Trustees or your Executors can resolve matters? Record this in writing in detail.  If you have a feasible business this plan will certainly be critical to ensuring your business survives after your death.

11.  Consider to leave a set of house keys, business keys, and so on with a friend so that someone has access to your business and your home.  Consider, if you live alone, pets and pot plants still need attention and care.
calculatedThere will definitely be other factors that ought to be considered and there will be many more suggestions you can find. The above is not intended to be a full list.  If you follow these suggestions it may make things easier for those left behind so that they can on with grieving their loss.

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Janet Xuccoa BCom LLB, is a Family Trust specialist and accountant and partner at Gilligan Rowe & Associates Ltd (GRA). GRA is an accounting firm specialising in property and family trusts