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HavocXphere

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Forgive click-baity title...

It occurred to me recently that at if I drop dead today none of my loved ones will know what to do (where the money is, what life policies to check etc).

Ended up writing a mail with notes on this jotting down some details.

..with lots of disclaimers spelling out that no I'm not planning on jumping off a building.

I know my grandparents had a folder in which they compiled key info.

How do you handle this "eventuality" & what planning have you put in place?
 
Do you have a will? Get one in place and deposit it with your bank, or financial institution or a lawyer. They do not have to be the executor, but if you name a family member or friend as one, bear in mind it is a huge schlep for them.If the bank/other does it, they take a fee/commission, but you may negotiate this.
 
My father has a file. He sometimes remind us about "the file". I never looked at the file...:erm:
 
HavocXphere said:
Sure. The will tells them who gets the coin, not where the coin is
Click to expand...

The institution where the will is deposited should have a list of investments etc. If not, they will be authorised to do a search.
 
bokdrol said:
The institution where the will is deposited should have a list of investments etc. If not, they will be authorised to do a search.
Click to expand...
Wills don't require institutions and where the will is with an institution there is no requirement to keep a list of investments. "Do a search" - yes that's exactly what I'm getting at. There is no way to "do a search". There is no database, search engine etc for this type of stuff. You can't google "Where is bokdrol's money?". See what I'm getting at?

Dirtdiver said:
My father has a file. He sometimes remind us about "the file". I never looked at the file...:erm:
Click to expand...
I've sorted out estate for people that didn't have "the file"....be thankful your old man has foresight.
 
HavocXphere said:
Wills don't require institutions and where the will is with an institution there is no requirement to keep a list of investments. "Do a search" - yes that's exactly what I'm getting at. There is no way to "do a search". There is no database, search engine etc for this type of stuff. You can't google "Where is bokdrol's money?". See what I'm getting at?


I've sorted out estate for people that didn't have "the file"....be thankful your old man has foresight.
Click to expand...
So you are saying an email to Auntie Gladys will suffice?
I can assure you a financial institution will find the money
 
bokdrol said:
I can assure you a financial institution will find the money
Click to expand...
So if I phone up "a financial institution" like say Capitec...they'll be able to "do a search" and "find the money" in my aunt's mutual funds sitting in the isle of man? (or if that's too exotic let's say easy equity). Yeah no...

bokdrol said:
So you are saying an email to Auntie Gladys will suffice?
Click to expand...
Yes...if it's an email saying there is a mutual fund investment in jurisdiction X with account number XYZ...

That's kinda what I'm trying to get at...money is easy to find...if you know roughly where to look.

Anyway...this is getting wildly off track. I was mainly interested in what forumites have done to assist their loved ones in case of disaster.
 
My wife knows as we've been planning for the inevitable event together. Take out a funeral policy if you're not dead yet and be sure to draw up a will to keep your accumulated wealth out of the government's hands.
 
My financial advisor who also manages my life insurance is aware of all my other investment so will know who to go to etc.

Other than that my wife is aware of everything so unless we both get taken out at the very same time it’s not too much of an issue.

Would be a pain for anyone else anyway as she’s the listed beneficiary.

But a reasonably up to date file/folder is a good idea. Even better a cloud stored one you can share with people and update as required.
 
Few things i found with my dads passing about this.

1. Yes keep a file with the Will, investments, retirement annuities etc. etc.
2. This is very often overlooked. Put down your e-mail, internet banking & cellphone pins/passwords. You WANT others to have access
to this, trust me.
3. Don't let a family member be an executor. Its a burden and can/will ruin friendships/family tie, no matter what people say, when it
comes to money that is "owed" to them then **** gets nasty. Rather pay a fee and let others deal with it.
4. Write down a FULL list of all your expenses and debit orders, how do these get paid each month and from which bank account.
 
Ryansr said:
My wife knows as we've been planning for the inevitable event together. Take out a funeral policy if you're not dead yet and be sure to draw up a will to keep your accumulated wealth out of the government's hands.
Click to expand...
Vital info here.... get the policy sorted BEFORE you die !!
 
HavocXphere said:
How do you handle this "eventuality" & what planning have you put in place?
Click to expand...

Something along the lines of this essentially. I'm considering moving away from a physical file, and towards a shared google doc file of some sort.

  1. Copies of your last will and testament and documents relating to trusts. Also include a note on where the originals are kept
  2. Name and contact details of the executor of your estate
  3. Copy of your identity document (ID). Include a note on where you usually keep the original ID, passport and driver's licence, for example in your wallet or purse
  4. Medical fund particulars
  5. List of monthly payments, for example utility and cell phone, so that your next of kin can keep up the payments until the accounts can be closed
  6. Copies of your prenuptial agreement and divorce papers of a previous marriage if applicable. Also include a note on where the originals are kept
  7. Details of your funeral cover and where the policy is held
  8. If you have a bank safe or storage unit, the details on where it is and where the keys can be found
  9. List of financial assets, for example investments in pension funds, unit trusts, shares and money market funds, as well as a note on where the original documents are kept
  10. List of fixed assets, for example houses, buildings, stands
  11. List of valuables, for example jewellery, paintings, stamp/coin/envelope/wine collections and weapons, and copies of their licences
  12. Short-term insurance documents, for example property insurance and motor vehicle insurance
  13. Life and long-term insurance documents, for example life policies, endowment policies, retirement annuities (RAs)
  14. Short-term debt contracts, for example accounts, loans, leases or motor vehicle financing
  15. Copies of long-term debt contracts, for example a housing bond. If you no longer have a bond, it is important to state where the original title deed is kept
  16. Copies of purchase contracts, for example for furniture or hi-tech items
  17. Rental contracts, as a tenant or lessor
  18. Financial statements that indicate your income and expenditure, and copies of the last three returns to SARS
  19. Income revenue number, the name of the office where you do your tax payments and the name and contact details of your bookkeeper or auditor
  20. Valuation documents relating to the capital gains tax on properties in your name, if applicable
  21. List of disputes, for example with neighbours. Give particulars of the current situation
  22. Court cases. Give particulars of cases, if any, as well as the name and contact details of the attorney handling them
  23. Particulars of all employees, including gardeners and domestic workers. Include copies of their IDs and UIF particulars
  24. Banking details, for example name and contact details of your bank and bank manager, list of all bank accounts, bank cards (credit, debit, cash) (do not put details of your internet banking profile in writing, but give an explanation of how this information can be obtained)
  25. Employer details, such as name and contact details of the human resources manager
  26. Business information, that is the name and contact information of the person in the business who can assist your next of kin
Click to expand...

edit: and you may want to add in something about your online presence if you'd like those accounts to be closed
edit2: and details to any crypto wallets you may have

http://yourlifeassist.co.za/multisi...ily/1397-important-documents-in-case-of-death
 
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Archer said:
Something along the lines of this essentially. I'm considering moving away from a physical file, and towards a shared google doc file of some sort.



edit: and you may want to add in something about your online presence if you'd like those accounts to be closed
edit2: and details to any crypto wallets you may have

http://yourlifeassist.co.za/multisi...ily/1397-important-documents-in-case-of-death
Click to expand...

Might take me a while but this is good stuff, thanks.
Also think I need a safe. The shoebox under the bed is getting a bit tatty.

Do companies like Old Mutual for instance know if you die without anyone telling them?
Would be great if they linked to Home Affairs and when an ID No of a deceased person matches one of their customers they contact the beneficiary on their own.

We just have an Excel file with a list of the accounts and estimated amounts, both sets of godparents are aware of it as well. But I'm going to try get what Archer said set up.
 
I just hope there is an afterlife so I can laugh at all the atheist/communist and yell, atheism is the opiate of the morons... MWAHAHAHA
 
HavocXphere said:
So if I phone up "a financial institution" like say Capitec...they'll be able to "do a search" and "find the money" in my aunt's mutual funds sitting in the isle of man? (or if that's too exotic let's say easy equity). Yeah no...


Yes...if it's an email saying there is a mutual fund investment in jurisdiction X with account number XYZ...

That's kinda what I'm trying to get at...money is easy to find...if you know roughly where to look.

Anyway...this is getting wildly off track. I was mainly interested in what forumites have done to assist their loved ones in case of disaster.
Click to expand...
They can search to some extent. The NCA(your credit record) along with any FSP/FSB(financial services provider/brokers) do have databases with all your stuff. Almost the same as doing a credit check.
I would definitely recommend keeping a file or list of your stuff, with your will for everyone that has more than just 1 standard live insurance. You never know how competent the executor will be.
 
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