What legal documents should I be aware of?
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.
Some of the legal documents you need to be aware of include:
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 assurance/insurance and other documents
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.