Make sure someone knows ‘Where is your money’?
fact that you should be ALERT of:
This is a story of a stressed-out lady. Her husband had a fall and sudden death. Bills needed to be paid, but no one in the family, including his wife, had any information about his savings, investments, debt, or other finances.
The lady believed that her husband had a big junk of money into investments but she was not aware of which financial institutions he placed the money with and who is his financial adviser.
Luckily, the lady managed to find some bank statements so that she can track which bank he deal with. Since is his own bank account, no one including his wife able to withdraw the funds out of it. Still, the bills were piling up and there wasn’t enough money available to sustain his expenses much longer.
What are the KEY FINANCIAL DOCUMENTS you need to keep a record of?
- Original Will, Trust and Power of Attorney
- Income tax statement
- Bank account details
- Investment documents (brokerage account, Unit Trust, Cryptocurrency, Alternative investments)
- Website log in credentials including google drive, Facebook, Instagram, email, and so on – you try this app to store your password Password Safe and Manager – Apps on Google Play
- Property Sales & Purchase agreement or Property Title (for fully paid off property)
- List down the debts or monthly expenses you currently shoulder on.
- List of insurance policies (preferably with the name & contact no of the agent)
- If you are an antique collector, make sure you record the prices of your collectible purchase and what is the value you expected in the future. (to prevent your beneficiaries from selling it out below market value or just donate it to others)
- Marriage certificate
Do you know that for those who have Wills written with Rockwills, you do have a personal online portal? Inside this portal, you can key in and regularly update all your assets and liabilities. You can write your personal ‘Letter of Endearment’ or “Your Last Words” to your loved ones. Utilize this benefit to benefit your beneficiary.
The above documents are important to let your next of kin know what kind of assets you are leaving behind so there’s nothing valuable left unattended. With this, it will be easier and faster for the executor to pay off the liabilities and distribute the assets.
Do contact me further if in doubt. Have a nice weekend ahead!
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs.
Published By:
YF Foong, Eunive (冯玉芬）
“As a dedicated financial advisor, my passion lies in collaborating with individuals, particularly business owners, to safeguard their hard-earned wealth. My primary goal is to ensure that the wealth you diligently accumulate throughout your lifetime is securely protected, smoothly transferred, and effectively preserved for your chosen heirs in a fast, seamless, and reliable manner.
Wealth distribution planning is deeply personal, with each individual harboring unique desires and concerns. I pride myself on being a attentive listener, eager to understand your innermost worries and aspirations. Together, we navigate through your thoughts and preferences to chart a tailored roadmap that aligns with your ultimate wishes.
A well-defined wealth distribution roadmap not only provides clarity but also shields you from unexpected distractions along life’s journey. With this roadmap in hand, you can confidently pursue further wealth accumulation, knowing that you’ve established a robust financial safety net.
I invite you to take the next step forward with me on this journey. Let’s connect soon to discuss your financial aspirations and craft a plan that secures your legacy.”
