Legal
When someone passes, it can be difficult knowing what to do on their behalf. Here are some things to consider.
Things to Consider
There are a lot of things to consider once a loved one has passed. Some of the most important things can be overlooked due to attention on other decisions that need to be made.
Legal formalities in the event of a death can be very time consuming. It’s desirable that business and personnel affairs should always be in order, but this isn’t always the case as life gets in the way. However, it’s a good idea to attend to the following legal documents periodically and update them as needed.
A Will
The only way to insure the distribution of a person’s property according to their wishes is by a document called a will. For a will to take effect from the time of the death of its maker, it needs to be executed properly.
A solicitor or trustee company can assist in the making out of a valid will. If a person dies without a valid will, part of their estate could go to a person whom they may not wish to benefit.
Remember that a will is revoked by subsequent marriage, so it is necessary to draw up a new will on re-marriage.
Life Insurance
Many people have life assurance/insurance policies and other documents in a safe place, but often neglect to tell other family members where these are kept.
To assist the person attending to your estate, it is recommended they be advised of these documents and their location.
It is also advisable to keep a record of documents kept with banks and solicitors, etc, to enable prompt access when the need arises.
Memberships
People often have memberships or accounts associated with businesses. This could be something as simple as gym memberships, a phone contract, or could be as important as paying off loans. It's important to notify the businesses where this is applicable to, so they aren't charging services that are no longer needed.
Assets
People may have assets, belongings or investments to their name that they didn't address before their passing. They may have these listed in their will if they had planned or updated it recently, but there is the chance that this isn't possible. This is when you should consult fellow family members, as well as legal parties to evenly and fairly distribute them among the family.