Arranging your affairs
By Martin Brieger, Site Editor.
Within your power, arranging your affairs (such as Wills & Testaments) before you die can help those left behind and can avoid issues during difficult times.
1. Create a Will.
If you haven’t already done so, now is the time to make your will document.
2. Compile your paperwork.
Naturally, you know where you keep your paperwork, but your executor and/or family members won’t. It will be a big help if you inform them of where you keep important documents, including:
Credit card statements
Details of savings and investments
It’s also a good idea to create a list of regular payments that will need to be cancelled, such as magazine subscriptions and donations to charities etc.
3. Inform your executor of where your Will is.
4. If you can, think about clearing any debt amounts you may have.
This can include things like credit card debt and loans that are not secured against your house. If you are able to, you might want to pay them off, making things simpler for your executor.
5. Get some assistance in case you need it.
If there is a chance you will become too ill to manage your money, think ahead about who should be able to manage it for you. Perhaps think about putting in place a power of attorney if you expect there to be a long period where someone else needs to act on your behalf. This will give them the power to do things such as:
Setting up accounts on your behalf
Ensure bills and care costs are paid without you needing to worry about them.
You can only put this power into place while you are of sound mental capacity to do so. Don’t leave it too late if possible, or else someone has to apply to be appointed this power. This can be expensive, and the court might not appoint the person you would have chosen.