How to Get Your Financial Affairs in Order

Financial Affairs in Order

How to Get Your Financial Affairs in Order

It can be difficult to discuss what happens when we pass away, but getting your financial affairs in orders will prepare your family for a difficult time. Making sure you have your affairs in order and that the right people know your plans will make things easier for your loved ones. Here are a few ways to get your financial affairs in order.

Create or update your will

If you do not already have a will, now is the time to create one. A will ensures that your assets go to the people you want them to. Otherwise, the law will decide, and it might not be who you want. Be sure to review your will yearly and make any changes needed. Your will should be updated for relationship changes, the entrance of new family members, or the purchase or sale of assets. We know that talking about your will can be stressful, so here are five tips for a stress-free conversation.

Appoint people you trust to look after your affairs

You need to appoint people you trust to look after your financial affairs if you are become incapacitated or pass away. One of the most significant roles you need to consider is an executor. You appoint an executor to carry out your final wishes in your will. Your executor should be somebody you trust to act responsibly. Choosing an executor can be a difficult choice, so here is what you need to consider when making the decision.

You also need to plan for unexpected circumstances that could result in you being unable to look after your personal and financial affairs. You can appoint a power of attorney to ensure your assets are handled properly when you are incapacitated. Click here to find out more about why you need a power of attorney.

Assemble your documents

One of the most necessary steps in organising your financial affairs is by assembling all your documentation. By gathering all your information documents, you make it easier for the person managing your affairs to locate them. You may even wish to create both physical and digital copies of these documents. Below are some of the documents you need to compile:

  • Birth, marriage, divorce and citizenship certificates
  • Bank account details
  • Investment details (such as shares, funds or trusts)
  • Centrelink and Medicare details
  • Superannuation information
  • Private health and insurance information
  • House titles or lease documents
  • Mortgage and loan details
  • Pre-made funeral arrangements
  • Contact information for lawyers, financial planners, or advisors

Organising your financial affairs and compiling documentation will save your loved ones a lot of time, confusion and energy during a stressful period. The team at The Farm Protectors are here to help with managing your financial affairs and making the process as easy as possible for you and your loved ones.

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