You don’t know when will be your last day on earth but it is sensible to keep a record of important information so that your loved ones won’t have to scurry around to find the necessary documents in case of your death.
This information can be kept in a file in a safe place or on your computer. Remember to inform your family members where the file is kept or how to access the information on your computer.
Write the documents in your own hand or at least sign every one so that there is no uncertainty regarding their authenticity.
What should be in the file?
Keep the following documents in the file:
- Copies of your last will and testament and documents relating to trusts. Also include a note on where the originals are kept
- Name and contact details of the executor of your estate
- Copy of your identity document (ID). Include a note on where you usually keep the original ID, passport and driver’s licence, for example in your wallet or purse
- Medical fund particulars
- List of monthly payments, for example utility and cell phone, so that your next of kin can keep up the payments until the accounts can be closed
- Copies of your prenuptial agreement and divorce papers of a previous marriage if applicable. Also include a note on where the originals are kept
- Details of your funeral cover and where the policy is held
- If you have a bank safe or storage unit, the details on where it is and where the keys can be found
- List of financial assets, for example investments in pension funds, unit trusts, shares and money market funds, as well as a note on where the original documents are kept
- List of fixed assets, for example houses, buildings, stands
- List of valuables, for example jewellery, paintings, stamp/coin/envelope/wine collections and weapons, and copies of their licences
- Short-term insurance documents, for example property insurance and motor vehicle insurance
- Life and long-term insurance documents, for example life policies, endowment policies, retirement annuities (RAs)
- Short-term debt contracts, for example accounts, loans, leases or motor vehicle financing
- Copies of long-term debt contracts, for example a housing bond. If you no longer have a bond, it is important to state where the original title deed is kept
- Copies of purchase contracts, for example for furniture or hi-tech items
- Rental contracts, as a tenant or lessor
- Financial statements that indicate your income and expenditure, and copies of the last three returns to SARS
- Income revenue number, the name of the office where you do your tax payments and the name and contact details of your bookkeeper or auditor
- Valuation documents relating to the capital gains tax on properties in your name, if applicable
- List of disputes, for example with neighbours. Give particulars of the current situation
- Court cases. Give particulars of cases, if any, as well as the name and contact details of the attorney handling them
- Particulars of all employees, including gardeners and domestic workers. Include copies of their IDs and UIF particulars
- Banking details, for example name and contact details of your bank and bank manager, list of all bank accounts, bank cards (credit, debit, cash) (do not put details of your internet banking profile in writing, but give an explanation of how this information can be obtained)
- Employer details, such as name and contact details of the human resources manager
- Business information, that is the name and contact information of the person in the business who can assist your next of kin.
The list is fairly long, but having these documents easily accessible will save your loved ones a lot of additional stress at a time when they are least able to deal with it.
Sources
http://online.wsj.com
http://wills.about.com