Don’t put it off!
I have been interested how many friends (and others) have been in contact about this series, sometimes acknowledging that they have put off thinking about such matters, some not even having a will. Certainly, it is topic that none of us naturally finds exciting. But I do urge you not to put off addressing the issues I have been raising.
Last Friday I attended the wonderful thanksgiving service for Brian Tibbert, a good friend and colleague – we worked together for eleven years for the Stoneleigh Bible Week where he was site manager. Reference was made by the family to the fact it was easy to organise the service as Brian had done much of the planning himself. Well done Brian!
Loose ends
In the first three parts of this series we considered the bulk of the matters that need to be considered, but here are a few additional sections to the folder which I recommend.
6. People to contact
I have referred in the previous blog to a list of people needing to be contacted, although I am sure the grapevine will work fast. In this section I give such a list as email addresses together with a memory stick of these addresses. This will allow easy communication.
7. Passwords
In several places I have already referred to passwords. I am aware that many websites now suggest passwords so it will be necessary for your executors to access these through your computer’s key chain. However, there are other passwords you may have created, so I suggest you list them in this folder. (Needless to say, this folder must be kept in a secure place!).
8. Finance
I have deliberately said little about finance. This is a specialist area and I am not qualified to give advice. I suggest you involve an Independent Financial Advisor (IFA), listing him or her as one of the key contacts in section 5.
So what is in this section? It is helpful for the executors to have an easy overview of your financial situation, however simple or complicated it may be (another reference was made on Friday that Brian had prepared a helpful spreadsheet overviewing his finances). So, in this section I have included a one-page spreadsheet (provided by my IFA) which specifies where the funds are that feed my pension, and details of any savings bonds, investments and so on. This sheet gives both the detail of the particular investment and a valuation at a specified date. This will, of course, need to be updated.
On a separate sheet I have listed all my Standing orders and Direct Debits, with the amounts and dates on which they are paid.
9. A bespoke section
There may be matters that do not fall into the categories I have suggested in this series. For instance, you may have someone for whom you hold Lasting Power of Attorney (I do for my disabled son). What will happen when you are no longer around to fulfil that function? Think of areas of your life that are personal to you, and add a section with your wishes and instructions.
Communication,
Throughout the preparation of this folder, I have kept in touch with one of my children who will take the lead when it is necessary to act on the contents. I thank God for a family with whom delicate matters such as this can be openly discussed. Most important this should include your spouse, with appropriate sensitivity, so that he or she knows your wishes in advance, and vice versa.
Storage and review
Once the folder has been completed you can ‘park it’. Make sure that one of the family/executors knows where it is. I then suggest you review it annually to bring it up to date.
That concludes what is, in effect, an extended check list. Nothing can be totally comprehensive but I hope it at least helps put you on the right track.
Now go and do it!