Ease the burden for those left behind

We all hope to be here for a long time, however the reality is that one day we are not going to be here. Your loss will be difficult for those left behind, as they comprehend a whole new world without you in it. There are, however, ways that you can make things easier for your loved ones left behind by taking the time to do a few simple things.

Put a Will in place

By putting a Will in place, you have control over who will receive your worldly possessions upon your death and who will undertake the important roles of executors and guardians of your children, if you have young children. It also allows you to make provision for business assets and any other important wishes that you may wish to leave for your executors and beneficiaries. Without a Will your assets will be distributed in accordance with a government formula and may end up with people that you don’t want to receive any of your assets.

Binding Death Nomination

Superannuation is often one of our biggest monetary assets, but we don’t give it the consideration that we should. It is important to put in place a Binding Death Nomination for your superannuation which provides a direction to the Trustee of your superannuation fund, where you would like your superannuation to be paid. Without a Binding Death Nomination in place, it up to the discretion of the Trustee where they will pay your superannuation, noting that they will usually pay it to dependants in the first instance. If you have an industry superannuation fund, Binding Death Nomination forms are usually listed on their website, so it is an easy process to download these forms to complete.

Insurance

If you have debt and young kids, insurance should be of paramount importance, as the last thing you want to do is leave your family financially crippled, in addition to dealing with your loss. It’s important to sit down and ascertain how much money your family and loved ones will need if you are no longer here, so that there is no financial burden for those left behind. Some things to consider include loans and mortgages, education cost, hired help to replace you and general living expenses over an extended period of time. Not having the appropriate level of insurance will have a significant detrimental impact on the future of your loved ones, so it is important that you spend the appropriate time to ensure that you are adequately covered. An insurance agent or financial advisor would be able to assist you in determining the types of insurance and the amount of insurance that is relevant for your circumstances, so seek their advice.

Letter of Wishes Workbook

Your Letter of Wishes documents allows you to list your important wishes that can provide guidance to your executor, children’s guardian and loved ones. This document allows you to list items that you would like your children’s guardian to know about raising your children, including what schools you would like them to attend, what extra-curricular activities you would like them to partake in, part-time employment and financial assistance, that you would like them to receive. By listing your assets and liabilities, and information regarding your business and related entities in this document, it provides your executor with an overview of your affairs. You may also stipulate your wishes regarding any pets that you own and provide instructions about what you would like to happen to your digital assets and how your executor may access your passwords. You may also list your funeral wishes and obituary, so that your loved ones know your wishes.

Compile your important documents

One of the biggest challenges for those left behind is not being able to locate your important documents inclusive of your Will, Certificates of Titles for properties that you own, life insurance policies, bank account and financial statements which could include tax related information, and Trust Deeds.  It is best to keep these documents together in a safe place and advise your executor where they are, so that they can be easily accessed upon your death.

By taking some time to put these documents in place and compile your important documents you are making it easier for your loved ones left behind, and they will be immensely grateful to you for this.