There’s so many things that fall into the too hard basket! Life is busy and there’s so many other priorities! Just making it through each day and falling into bed at night is a good day’s work for a lot of people.
But, when a tragedy befalls someone near and dear to us, we often see the fallout when people don’t have their sh*t together. I’m often approached for insurances or to update beneficiaries of a super fund prompted by the life events that happened to ‘someone else.’
So what are the main areas to ‘get on top of’ when it’s time to get your act together?
Here’s my top tips!
- Make sure your Will is current and reflects your wishes
- Ensure you have appointed Powers of Attorney – Enduring and Medical
- Make sure beneficiaries are nominated on Superannuation & Insurance Policies
- Consolidate those Superannuation funds that you have lying around – or keep them if they have vital insurances
- Ensure assets are owned correctly and your bank accounts are in order
- Check over your Insurance Policies – especially Life, TPD, Trauma and Income Protection – are the levels of cover enough?
- Bring the people who’ll be involved in sorting out your Estate up to date with your wishes
- Ensure tax returns are up to date and completed annually – personally and for your business entities
- If you have a partner or family, make them aware of what you’d like to happen
- Let a couple of different people know where your important documents are stored in the event of the unexpected
Life changes. Partners can come and go, children grow up and live their own lives, grandchildren arrive and significant people can waltz in and out of our lives. It may be hassle to work through the list, and yes, some of it may be costly, but if you truly love those you’re leaving behind, one of the best gifts you can leave, is to have your sh*t together.
You really don’t want the crazy ex to benefit from your estate when your gorgeous new partner will be left destitute because you didn’t take the time to update your paperwork!
So, set a date to every year, ensure everything is just how you want it. It could be on a birthday, an anniversary or at the turn of the calendar or financial year. Get each area finalised then run an annual check to make sure they still reflect what you’d like to happen when you’re not there to arrange it.
I’ll bet there’s a few people who’ll be very thankful you did.