No one enjoys thinking about dying and we often avoid preparing for it. We put off drafting a Will, getting Life Insurance and thinking about what happens to our assets. All of which are essential in protecting our families and easing the administrative stress.
Getting your life in order is a process where you consolidate all the important information that loved ones should be aware of should something happen to you. This process is overlooked and not having something in place causes stress, costs money and makes dealing with your death that much harder.
Some call this a death file, green book or end-of-life plan we like to call it a life vault. A Life Vault is a secure, consolidated compilation of records, details and documentation of all your important information.
Why do I need a Life Vault?
Imagine losing your life partner and having no clue who they bank with, who their financial planner is and what policies they have. Some couples prefer keeping their finances separate and others prefer sharing/merging their finances. In both cases there if often no instructions or file that explains the ins and outs of assets and financial affairs.
So what type of information should I include?
According to fiduciary experts Bexs Executor Services this is what you need to include:
Original documents in your Life Vault:
- Identity document;
- Marriage certificate;
- Antenuptial contract;
- The original will or where this is held. Should there be more than one will, please ensure that you mention where all originals are kept
Information about:
- Details of any fixed properties, the original title deeds and particulars of any home loans i.e. the Bank account number as well as any information regarding credit life cover on the outstanding balance;
- Copies of Life Right agreements should the property in question be part of a Life Right Scheme;
- Details of any motor vehicles or other movable property e.g. boats, caravans, motorbikes, trailers etc and the registration certificate/logbooks or particulars of any credit agreements i.e.: with whom the agreements are with, the account number and the outstanding balance;
- Details of all firearms registered in the name of the deceased and the licence.
- Details of all the deceased’s banking accounts and investments;
- Details of any shares in listed companies;
- Details of all life assurance and annuity policies;
- Details of any offshore investments, should there be a separate offshore Will governing these assets, please provide the original (or at the very least the contact details of the executor of the foreign portion);
- Information about the insurance of your assets, including the policy schedule if possible and details as to how the premiums are paid and by whom;
- Details relating to liabilities such as credit cards, statements of shop accounts, medical bills, cell phone accounts, television licenses and telephone accounts;
- Copies of the last, rates, electricity and water accounts as well as details regarding the payment of levies if the property is a Share Block or a Sectional Title Unit;
- The name, address and reference number for your employers/pension fund;
- The name, address and reference number for your medical aid;
- The full names, postal addresses and telephone numbers of all the beneficiaries;
- The full names and addresses of your children. That is all children, not necessarily only the children from the latest marriage (should there be more than one), including adopted children;
- Your income tax reference number and the name and address of the person who attended to the previous returns (if any). If you are registered on SARS e- filing – the log on details and password for the e-filing profile;
- Details of your business interests, including sole proprietorships, CC’s and private companies.
Additional things to think about:
Although they aren’t essentials. The following logins and details would be help to your family:
- Social media accounts – Instagram, Twitter and Pinterest and Facebook
- Online accounts – like Takealot & Superbalist etc, your family and executor can claim any credit that may be available or accept delivery for items already ordered but not yet delivered;
- Apple & or Android accounts – you may be paying for the music and or Cloud storage. In addition stored documents could be very handy for your executor and family;
- Microsoft account -closing the account to avoid further debits or transferring same to your spouse;
- Google accounts -to avoid fraudulent usage;
- eBucks & UCount and other reward programmes that could be transferable to your spouse. Remember that points earned on retail reward cards normally die with the deceased and are not transferable … Cards such as Click Club Card
There may be other things you can think of as well this is by no means a completed list. The big idea though is to have everything summarised in one place to help make a very difficult time for your family as easy as possible at least logistically/administratively.
Live Trust Grow Matter
The information provided is not intended to address the specific circumstances of an individual and is for information purposes. Should you require financial advice please contact us at info@growmatter.co.za
