Life Admin – Worthwhile things to have in order
As we start a new year full of new adventures, now is as good a time as ever to get our life admin in order as we never know what might be around the corner.
Some things that are worthwhile in reviewing at any major life change and are worthy of having in order include:
Will – whether it’s investment portfolio, your family home or even your special swimming goggles, a will lets you specify who you want to receive your physical and financial assets. The people or organisation that you name to receive your property are your beneficiaries and having a will streamlines the probate process to make sure your assets go to the people you want to have them. Within a will you can also name a guardian for your minor children and your pets as well as name an executor – the person who is responsible for following the instructions of your estate.
Power of Attorney – you can choose someone to make important decisions for you if you can’t make them yourself. This may be in a medical or a financial capacity.
Life insurance/Income Protection Insurance – if you’re the main breadwinner for your family it may be worth considering life insurance or disability insurance in the event that something happens to you so your dependents can pay for expenses that accompany your passing e.g funeral costs as well as day to day and longer term expenses including the mortgage of your home.
Business Succession Planning – Establish a succession plan to include minimum risk strategy to the continuity of the business and its profits should an owner or other key people leave through illness, accident or death. This includes adequate and appropriate insurance cover for respective business partners.
Instructions for your Digital Assets – with most of us having hundreds of logins and passwords to contend with, if you have a password manager you can choose who should have access to them after you die. These might include: computer and phone passwords as well as trademarks, logins and software info.
If you own cryptocurrency assets, it’s crucial that you leave behind instructions detailing which coins you own, where they’re stored, and how to access them. Cryptocurrencies are not treated the same as other financial assets, like bank accounts, which can be transferred to your beneficiaries after you die. If you lose the private key to your crypto assets, those assets can likely never be recovered. That’s why it’s important to include instructions on how to access them in your end-of-life plan.
If you have any questions or queries in regards to getting your life admin in order be sure to get in contact with us at STS Accounting.
