Losing a friend or relative is never easy, and this traumatic period can be made worse when having to deal with their financial affairs after they die. Sadly, people often have to spend vast amounts of time and energy sifting through piles of paperwork to try and find key information about their relative’s finances.

As well as making a challenging time even more difficult, this laborious process also means some of your assets could go undetected. For example, you may have a life assurance plan that is due to pay out, but if the accompanying documents aren’t readily available there’s a real risk that the executors of your estate won’t ever find out about it.

Financial assets can be ‘lost’ for a number of reasons, whether someone dies, forgets to update their address details, or makes investments and doesn’t tell their partner. Companies will usually try and find customers when funds are due to be paid out, but this can’t be guaranteed.

As a result, it’s vital that you make important documents like your Will, share certificates, bank account and life assurance plans easily accessible for your loved ones. By incorporating this process into your estate planning strategy, you can help reduce your inheritance tax bill and ensure the best possible future for those you care about. It also means they’ll receive their inheritance much quicker and more efficiently than if they have to search for all the relevant documents after your death.

It’s also worth making sure all your documents are in order in case you suffer a serious accident or illness, such as a stroke or heart attack.

To help you and your relatives keep track of your assets, we’ve created this checklist. We’ve also included a contacts checklist so that you can list the details of any professionals involved in your financial affairs, like your solicitor, accountant and financial adviser.

When you’ve completed the checklist, keep a copy for you and one for your family.

20230208 My Financial Assets.pdf