One of the simplest but most thoughtful things you can do for your loved ones is to make sure they know where to find your important documents. As financial planners, we often see families face unnecessary stress because key paperwork is hard to locate or missing entirely.
Here are some practical tips we share with clients:
- Choose a Secure, Central Location: Pick a safe, secure spot for your original documents. This might be a fireproof safe at home or with your solicitor’s storage service. Wherever you choose, ensure your family or executors know where it is.
- Create a Simple Document List: Write down a list of your key legal and financial documents and where each one is kept. Keep this list updated and stored securely. Your documents might include:
- Your Will
- Lasting Powers of Attorney (both types)
- Advance Decisions
- Letter of Wishes
- Property deeds
- Pension and investment details
- Life insurance policies
- Use Digital Storage Wisely: Digital backups can complement physical copies. Consider using a secure, encrypted cloud service but remember—your executors need to know how to access it, including any passwords.
- Talk to Key People: Let your executors and attorneys know they’ve been appointed and where they can find your documents if needed. It’s also wise to provide them with certified copies of key documents, such as your Will and Lasting Powers of Attorney. This ensures they have legally valid versions readily available if required. A simple conversation can save a lot of confusion later. Let your executors and attorneys know they’ve been appointed and where they can find your documents if needed. A simple conversation can save a lot of confusion later.
- Review and Update Periodically: Life changes, and your documents need to reflect that. Set a calendar reminder to review your arrangements every few years.
Taking these steps can make a difficult time a little easier for your family.