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In the role of Chartered Accountants we are often faced with solving the economic affairs of clients passing away out of the blue.  If plans for economic management have not been put in place, this can cause serious problems for those left after.
Here’s a plain checklist that can help.  It’s our responsibility to ensure we do these things before we pass away:

1.  Note 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 sure that the paper is only to be opened and understand upon your end.

2.  Record a written note to your other half or family, your lawyer or your accountant. Lay down the steps that should be taken on your passing. For example, does somebody owe you some money which hasn’t been recorded in say your financial statements but which you need collected on your death? Do you want to contribute your organs?

Record your requests so they are simple to follow and have no vagueness? Again, insist on that the record should only be opened and understand upon your passing away.

3.  Do you have a recent Will? Make sure you do and that your lawyer, accountant and your next of kin have a copy of that Will.

4.  Do not retract or stop a life cover policy without having an substitute 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 possessions that are business are not mixed with chattels that are business related. For example, put personal belongings such as your family home in your Family Trust and keep your business property, such being the shares in your business in your Trading Trust.

8.  Have a up to date Memorandum of requests for each of your Trusts. Tell your present Trustees in your Memorandum of desires precisely what you wish done with the chattels of the Trust when you depart this life.

9.  Leave a duplicate of your recent Memorandum of wishes with your lawyer, accountant and surviving family.

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

11.  Take into account to leave a set of house keys, company keys, and so on with a acquaintance so that somebody has access to your business and your home.  Commit to memory, if you live alone, pets and pot plants still need consideration and care.

There will undoubtedly 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 stick to these suggestions it may make things easier for those left behind so that they can on with grieving their loss.

HTML clipboardPaul Easton works with Matthew Gilligan - an accountant and partner at Gilligan Rowe & Associates Ltd (GRA). GRA is an accounting firm specialising in property and business accounting

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