Lost Will and Testament
Author:
Liz Riley
While putting our affairs in order, making Wills and Living Wills may seem a tedious task, most of us know that it is not a waste of time. In fact, the decisions we take as part of the process often reflect what means most to us in our adult lives. We take the time to make sure our estate goes to the right person or people. We pay the legal fees and make sure everything is kept in safe deposit boxes and accounts. All the family has to do is find the information in the paper jungle we like to call our desk.
I'm sure you're thinking that your family already knows your solicitor and where your Will is held. But do they know the whereabouts of all of your bank accounts? What about your paperless accounts in these days when bank books are a thing of the past? Have they access to all of the deeds that go with any property you hold? Do they know you are keeping a priceless family heirloom in that safe deposit box, and if they do, do they know where the key is? Do they know where your stock and bond slips are kept? Back in 1973, the then ICAI President, Cornelius F. Smith, FCA came up with the idea for a Personal Affairs Checklist. From its conception to today, it has consistently been one of the most popular publications requested from the ICAI.
The checklist contains all your relevant personal information:
- bank account details,
- a list of advisors like your solicitor, accountant and clergyman;
- details of where your will is placed as well as who wrote it up and the executors;
- your grave plot as well as any funeral arrangements that you have made;
- your insurance policies and properties you might have; any assets you might have in your house or in safe keeping;
- a list of safety deposit boxes;
- societies or any other associations you might be a part of as well as any directorships you might hold;
- details of your employment; where vital documentation is held, like your marriage or birth certificate, along with an array of other information that will be valuable to your family in friends if you should pass unexpectedly.
All you have to do is fill in the details and make sure to tell someone you trust about where you keep the list (the executor of your Will is always a good person). Put it in a safe place, but somewhere that the executor can access.
Finally, don't forget to review the list from time to time, to make sure that it is up to date. If you would be interested in receiving the new Personal Affairs Checklist, email Joanna.Szopinska@charteredaccountants.ie and one will be sent to you. Remember to include your mailing address.