Sometimes it is the smallest of things, the tiniest fact, an overlooked minute detail, that can make years of planning not come to fruition.
You and your family have insurance policies in place, life insurance, contents insurance, your Wills are in order and up to date, an inventory of your life, so to speak, is all set-up and should the worst happen, all is in order.
But does your loved ones know where all your important papers/documents are kept?
Are they kept in a safe and possibly fireproof, waterproof, place?
What about pin numbers and codes, passwords, etc??
This can be the small detail that brings down your strong financial house if something happens to you. All the planning is there, but a few key elements need to be insured.
Keeping all your important documents in a safe, dry, and possibly fireproof place. And having those that would need to access these documents, know where they are located.
Passwords and pin numbers to accounts need to be written down and stored safely and securely. Your executor or heirs may need access to accounts, and even the simple things like your email accounts, as they need to be closed, or status updates.
A friend of mine recently took ill, very ill, and his wife was most concerned as spouse’s are. Once he was on the mend he shared with me a conversation he and his wife had, a rather eye opening conversation.
His wife stated to him she had no idea what to do if he would have died. My friend’s family were from outside the UK, and she while knowing them well, did not have full contact details for the family. She also did not know any of her husband’s accounts, or how to access them while he was incapacitated due to illness.
She knew he had life insurance, but with whom, what company, where was the policy?? All she knew was he had insurance and she was the beneficiary. Not much to go on.
So they sat down and each wrote out additional instructions and information to supplement their wills. For his wife, she said it gave her more peace of mind.
So as you can see, all the planning in the world still requires some basic information in order for the plans to be carried out.