During this time of lockdown, we are all reminded about the volatility of life. If something was to happen to us from one day to the next, whether it’s death or a disability affecting our ability to manage our own affairs, how would our loved ones cope? How will they find all our information and documentation? While we spend time thinking about updating our Wills and making sure that we have insurance to cover the estate costs, we seldom spend time on putting together a “to do” list to help our loved ones sort out our affairs – for example I have an account with this shop or my doctor is Dr…..
While you are spending time at home, now is the opportunity to check that your affairs are in order by creating a Life File. This is not a formal document, it is just a collection of important documents and information all in one place for your peace of mind so that in an emergency, all your information is available to those who need it.
To assist you, we have attached a comprehensive Life File Check List. The list will also alert you to any documentation we think we would be good to put together and keep in one place, and if you have a Life File already those documents which might still be outstanding.
Do you have a Will? A Will is one of the most important documents forming part of your Life File. It reflects your wishes as to how your assets should be distributed on your death and “speaks” on your behalf when you are no longer able to. A Will is particularly important if you have minor children. We suggest that you review your Will regularly but in particular after significant changes in your life such as marriage, the birth of children, divorce, a new business, if you have a life partner but are not legally married, if you have disabled dependants.
Having all of the above in place will give some peace of mind to your loved ones who you leave behind and decrease some of the stress of having to finalise your estate and make sure everything is in order.
For further information or assistance with Wills, Trusts or any aspect of the Life File, please contact Giuseppina Amore at Myers Attorneys on 076 791-0926 or gamore@myersattorneys.co.za