Lynda Moore says if you are sticking close to home over the Easter break (conserving petrol), it would be a good time to update your important documents, in case this information is suddenly needed

The third anniversary of my dad’s passing was at the weekend.  Reflecting on Mum and my life now and how much has changed over the three years, it made me think just how lucky we were that as a family we had the conversations and had in place all the stuff we needed to, so when Dad did pass, we could grieve without worrying about accessing bank accounts, where his will was, and his wishes for Mum, myself and my daughter. It was also of course much easier as I am an only child, with an only child so we didn’t have to consider anyone else’s input.

Sadly, it’s not that easy for other families.

I have friends who are dreading their parents passing. Mainly because they will miss them, but also, they come from larger families, and they know nothing is in place, either due to the parents not wanting to address it, or some of the children putting their heads in the sand. What they do know is that a financial storm is going to erupt which could potentially fracture the family irreparably.  I have other friends where that has already happened.

Then of course, there’s the other scenario if a family member is taken suddenly.  What happens then?  Again, you may well find yourself so busy trying to find wills, access bank accounts, let alone closing down all the apps on the phone, that grieving is the last thing you have time to do.

I don’t wish to appear maudlin, but I have been talking about looking at what we can control and do something about now, while there’s so much going on in the world that we have no control over.  So, instead of stressing over fuel prices, let’s talk about something we can do something about.

I get it, there are some difficult conversations that you just don’t want to have.  The “what do you do if anything happens to me” conversation is probably one of the more difficult, as it could almost be like tempting fate.

But difficult conversations are important to have.  If you are hit by a bus whilst crossing the road, someone in your family (or friends) needs to know what to do.  Where to find all your important documents, who they need to contact?  What do they need to do with all your stuff?

There are numerous stories of couples where one of them has no idea how to access bank accounts and is totally lost if their partner becomes incapacitated or passes away. It can be particularly difficult if it is a blended, or separated family.  Who does what, who takes charge of sorting things out.  It’s all a bit of a minefield

On the other hand, there are also people who are very organised. Everything is in order even to the extent of planning the funeral.  Now that is super organised, and we aren’t all going to be like that.

As a bare minimum we should have a file somewhere (yes, I do mean pieces of paper, you might not be able to get into the phone or laptop) that has important documents and information.

Here are a few things to include in your file of important documents

1. Your will together with the name and contact details of your lawyer.  Yes, you should have a will.  As soon as you acquire assets (or debt) you should make a will.  More importantly you need to make sure you update it as important events occur, for example having children, getting divorced.
2. Life/ Trauma/ Medical Insurance and other insurance policies.
3. Details of bank accounts, credit card numbers, investment documents, loan documents, passports and any other documents you consider important.
4. Power of attorney to enable a family member (or trusted adviser) to be able to access information if you are unable to do it yourself.  Without this it may be difficult to close down accounts or cancel subscriptions.
5. If you have a business, your accountants’ details, you might have a business partner, so you need to have a plan for what happens if one of you can no longer be in the business.
6. While you don’t want to leave a list of passwords and access codes lying around, you need to have this information stored safely so it can be accessed if needed.
7. A contact list.  Key family members, friends, lawyer and other advisers who will need to be contacted
8. If you want to control things after you have gone, then by all means prepare a list of instructions for your funeral.

It is all well and good compiling all this information, but it is just as important to make sure someone knows where all these documents are, and that you keep it up to date as things change.

There are some online tools and books that help you prepare the documents you need, as there is quite a lot to think about.

So, if you haven’t started your ‘stuff you need to know’ file and had the difficult conversation with someone, now is the time to get started.

I’m going to use the Easter break to work on mine and get it up to date, as with the price of petrol, I don’t think I’ll be venturing very far from home! (I’m just saying what we are all thinking).

*Lynda Moore is a Money Mentalist coach and New Zealand’s only certified New Money Story® mentor. Lynda helps you understand why you do the things you do with your money, when we all know we should spend less than we earn. You can contact her here.