Why is it important to have a life file?
Knowing that your affairs are in order brings peace of mind not only to you, but also to your family.
Having a life file will help those you have left behind deal with matters in an organised and less traumatic manner. With a life file there’s no need for family to wade through documentation and have the daunting task of obtaining all documents.
A life file will ensure that all necessary documentation is on hand for the proper administration of your deceased estate.
What should be included in a life file
- Personal information
- Financial information
- Estate planning documents i.e. Will, Living Will, Wishes
- Property and assets
- Insurance policies
- Digital assets i.e. access to information including password protected electronic equipment
- Medical details/reports
- Other important documents
Business owners should include additional documents such as the shareholders’ agreement, shareholder certificates, the details of the person who has signing powers on the business bank accounts, details of the accountant, a set of the latest financial statements and the details of the person who will step in when you are gone.
Ideally, the contents of a life file should be digitally scanned and saved. You will need to advise your next of kin where you keep the original file and where original documents are held in safe keeping i.e. your Will, marriage certificate, birth certificate, identity document, title deeds, Letters of Authority (Trust), Company / Close Corporation registration documents.
Keep it up to date
A life file is a ‘living’ file that should be updated continuously. It is a personal and ongoing process. Regularly review and update your life file to reflect any changes in your circumstances or preference i.e. getting married, getting divorced, buying or selling a property starting a business or having a baby!
If in doubt, please speak to your Wealth Specialist, Wealth Planner or Financial Advisor for more details.
