Make sure someone knows ‘Where is your money’?

A fact that you should be ALERT of: 

This is a story of a stressed-out lady. Her husband had a fall and sudden death. Bills needed to be paid, but no one in the family, including his wife, had any information about his savings, investments, debt, or other finances.

The lady believed that her husband had a big junk of money into investments but she was not aware of which financial institutions he placed the money with and who is his financial adviser.

Luckily, the lady managed to find some bank statements so that she can track which bank he deal with. Since is his own bank account, no one including his wife able to withdraw the funds out of it. Still, the bills were piling up and there wasn’t enough money available to sustain his expenses much longer.

What are the KEY FINANCIAL DOCUMENTS you need to keep a record of?

  1. Original Will, Trust and Power of Attorney
  2. Income tax statement
  3. Bank account details 
  4. Investment documents (brokerage account, Unit Trust, Cryptocurrency, Alternative investments)
  5. Website log in credentials including google drive, Facebook, Instagram, email, and so on – you try this app to store your password Password Safe and Manager – Apps on Google Play
  6. Property Sales & Purchase agreement or Property Title (for fully paid off property)
  7. List down the debts or monthly expenses you currently shoulder on.
  8. List of insurance policies (preferably with the name & contact no of the agent)
  9. If you are an antique collector, make sure you record the prices of your collectible purchase and what is the value you expected in the future. (to prevent your beneficiaries from selling it out below market value or just donate it to others)
  10. Marriage certificate

Do you know that for those who have Wills written with Rockwills, you do have a personal online portal? Inside this portal, you can key in and regularly update all your assets and liabilities. You can write your personal ‘Letter of Endearment’ or “Your Last Words” to your loved ones. Utilize this benefit to benefit your beneficiary. 

The above documents are important to let your next of kin know what kind of assets you are leaving behind so there’s nothing valuable left unattended. With this, it will be easier and faster for the executor to pay off the liabilities and distribute the assets.

Do contact me further if in doubt. Have a nice weekend ahead!

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