Why you should make a “When I die” file

Creating a “When I die” file can make things easier for your executor and loved ones. Here’s a look at what to include and who to tell about your list.

If you can leave your affairs in as pristine order as possible your executors and loved ones will be immensely thankful. One way to do this is by leaving a list with important information about your assets and estate. I once had a client who attended my office with a large folder and across the front of it “Things for when I am dead”. Confronting, yes, but smart too as his son who was his executor would know where to easily locate everything. This is also sometimes referred to as a “When I die” file and it can make the probate process smoother.

What should be in your “when I die” file?

Some people like to leave lists explaining their family structure and where the beneficiaries fit in to the picture. This is particularly helpful if your executor does not have a close relationship or is not familiar with your family unit. The list could also extend to people that you would like to be contacted and advised of your passing.

It is also important to leave a list that includes an overview of all of your assets and liabilities. It is best to be as expansive as possible with this list, inclusive of listing bank accounts details and account numbers, all shareholdings and their relevant security numbers, property details for each property that you own, superannuation detail account details and insurance policy details and numbers.

You should also list details of all liabilities, inclusive of any mortgage, car loan, personal loan or any other debt that you may owe.

If operate a business and have a Partnership Agreement, Business Succession Agreement, Discretionary Trust or company these should also be listed so that your executor knows how to deal with these structures.

Digital Legacies are also important today, so it is important to give consideration to what you would like to happen to your social media accounts and leave details of your instructions together with log on and password details so that your executor knows what your wishes are and can easily access your accounts to implement your wishes.

It is also helpful that your executor knows who your trusted advisors are, so that they may seek guidance from them relating to your affairs when you are no longer here. This is particularly relevant if you operated your own business or have complex estate structures. This list could comprise of financial advisors, accountant, lawyers, stockbroker, mortgage broker and personal banker.

In addition, it is extremely beneficial to do a list that contains information in respect to where all of your important documents are held. Documents that should be listed include:

• Your original Will

• Original Titles for properties that you own

• Insurance Policies

• Copies of Binding Death Nominations

• Discretionary Trust Deeds

• Business Succession Agreements and Deeds

• Shareholders Certificates

• Prepaid Funeral documentation

• Memorandum of wishes or other instructions to your executor

• Guardians wishes

• Details of safety boxes held with a financial institution

• Passwords

How Should you make your file?

You could make it a digital file or use pen and paper but its worth thinking about the executor that you have appointed when deciding on the approach. If they are technically challenged, it may be best to leave it in paper format.

Some people elect to cover all basis and have a digital and paper copy. Essentially, it does not matter which format you use - the most crucial element is that you let your executor know that the file exists. There is no point having this if nobody knows about it.

So, once you have done your lists advise your executor where it is located, either in its paper or digital format so that they know where to retrieve such list upon your demise. You may also want to keep a sealed envelope with your original Will with details of where such list is held and this envelope could be provided to your executor upon your death.

Where should you keep your file?

Again, the crucial answer is wherever you keep this file, make sure you advise your executor where it is. Some people do a number of lists and leave them is various places. In doing this we need to be mindful of the sensitive content contained in these lists and do not want them to end up in the wrong hands.

It is best to leave the files in a secure place, whether that be a deeds register, home safe (where the executor has details of how to access this) or an app. These days we are seeing the emergence of a number of apps that allow you to store important information such as passwords.

Who should you tell about your file?

Once you have compiled your file it can be a good idea to sit down with your executor and let them know where they will be able to locate all the important information that they will require upon your death. Your executor will appreciate the chat and the time and effort you have gone to in putting your affairs in place.

It would also be ideal to let some trusted family members know of the file and where it is located, just in case something happened to your executor. You may also consider providing one of your trusted advisors with copies of some of the lists, however, you may prefer to keep files containing sensitive information such as passwords separate.

Putting your files in place may take some time and they may also need to be updated from time to time but they will provide a valuable resource to your executor and loved ones when you are no longer here.

Disclaimer: The advice provided in this blog is of a general nature only and you should always seek legal advice relevant to your own circumstances.