Wealth adviser urges people to ‘die cleanly’ by getting their affairs in order – The Irish Times

People’s inability to organize their affairs leads to financial problems when they die, creating further complications for grieving families, according to Dublin wealth management adviser Everlake.

An estate planning company says delays in probate can leave loved ones without bank accounts and other assets for months, urging people to take steps to ensure they “die cleanly”, including compiling a file of important details and documents , which your family should have after your death.

“It’s clear that most of us don’t like to think about death, so it’s no surprise that many of us put off preparing for what happens after they die,” says Everlake director John McNicholas. “But if you don’t, your loved ones who are burning can find themselves under pressure on many fronts when you go down the road, including financially.”

Among the steps he advises is transferring cash to cover 12 to 18 months’ worth of current bills into an account that your family has its own access to – such as a joint account with your spouse – to provide financial peace of mind while your cases are resolved. will, which will inevitably take time.

He also advises people to work through the checklist now, while they still have time to clean up. This includes writing or updating your will, making sure it includes guardians if you still have young children or children with special needs, or guardians to manage the affairs of minor children if both parents have died. Make sure potential carers are happy to take on this role to avoid disaster and complications later.

In addition, people should keep a list of where valuable documents such as title deeds and birth/marriage certificates are, as well as details of your financial assets such as bank and credit union accounts, insurance policies, stock/share certificates and any -what investments. . Don’t forget that your family probably won’t know the passwords you use for online banking and any other online services, including social media, so you’ll need to provide access to them in a form accessible after of your departure

Your solicitor may have this, so be sure to write down who you need to contact when you die, including full contact details. Details of pre-paid burial sites are obviously useful, as are any preferences for funeral arrangements.

A new decision support service allows you to organize your health care preferences when you can no longer communicate these details yourself, including things like organ donation, and you should also consider making a durable power of attorney to allow a friend or help from a family member to make personal care decisions if you suffer from a debilitating disability.

“The importance of having actionable information for your loved ones at hand should also not be underestimated,” says Mr McNicholas, whose company has compiled file type template people can go to their loved ones. “Laying the groundwork so that your affairs go as smoothly as possible after your death will be a huge help to your loved ones.”

There are also steps you can take to minimize any inheritance tax bill for the people who will benefit from your estate, but this requires advance planning, he says.

And advises people not to ignore them pension. “For example, if you choose an approved retirement fund (ARF) at retirement rather than an annuity, it’s important that you specify in your will that you want your ARF to be left to your spouse and children,” he says. “Otherwise the ARF will go into the residual estate and it may not be distributed as you intended.”

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