Thinking about death is uncomfortable. Organising our finances, reviewing our will and documenting important information are jobs many of us would rather leave for another day.

But getting these things in order is one of the most considerate things we can do for the people we care about.

The value of being organised

I was recently involved in administering the estate of an old friend who had died a few weeks earlier.

She had worked with me on my Dying to Know workshops and understood the importance of preparing properly. Her documents were organised, the necessary information was available and everything could be found in one place.

As a result, dealing with her estate was remarkably straightforward—perhaps the simplest probate work I have ever undertaken.

That experience reinforced an important lesson: good preparation makes an enormous difference.

When somebody dies, those left behind may need to identify bank accounts, investments, property, debts, pensions, insurance policies and numerous other details. If that information is scattered, missing or inaccessible, the administrative burden can become overwhelming at a time when family and friends should be allowed to grieve.

Rehearse the process

One exercise included in my Dying to Know workshops is what I call a rehearsal.

It involves imagining that you have died and looking at the situation from the perspective of the person who must deal with your affairs:

• Could they find your will?
• Would they know which bank accounts you hold?
• Could they identify your investments and pensions?
• Would they understand your property arrangements?
• Could they locate details of your debts and regular commitments?
• Would they know whom to contact?
• Could they access the documents and information they need?

The exercise can reveal gaps that might otherwise remain unnoticed until it is too late to address them.

This isn’t about being morbid. It is about accepting responsibility for the practical difficulties our death could create for the people we leave behind.

Review your will

Having a will is important, but simply having one isn’t enough. It also needs to remain accurate and appropriate.

I increasingly encounter wills that are badly out of date. They may refer to people who have died, appoint executors who are no longer suitable or rely on circumstances and legislation that have since changed.

Find your will and read it again. If it is held by a solicitor, ask for a copy. Check that:

• Your wishes are still accurately recorded
• Your chosen beneficiaries remain correct
• The executors are still willing and suitable
• Everybody named in the document is correctly identified
• Changes in your family, finances or property have been considered
• The document remains legally effective

If anything is unclear, obtain current professional advice before making changes.

It is also worth thinking carefully before automatically appointing a solicitor as an executor. Professional executors may charge the estate for their work. One alternative is to appoint trusted individuals who can later engage a solicitor if professional assistance is required. The right arrangement will depend on your circumstances, so consider the options and take appropriate advice.

Take responsibility for your financial security

Putting your affairs in order isn’t only about what happens after your death. It is also about creating greater security while you are alive.

Governments change, legislation evolves and financial markets rise and fall. We cannot control those events, but we can take greater control of our own finances.

That begins with understanding where you stand, making a plan and ensuring your money is working towards the life you want.

Most of us spend a large proportion of our lives working for money. Far fewer of us regularly stop to consider how our money could be working for us.

Reviewing your finances won’t remove every uncertainty, but it can leave you better prepared for whatever happens next.

Make a start

You don’t have to organise everything at once. Begin by locating your will, gathering your financial information and considering what somebody else would need if they had to manage your affairs tomorrow.

A little preparation now could spare the people you care about a great deal of unnecessary work and distress later.

Listen to the accompanying Money Trainers podcast episode for the full discussion.

You can also find more information at Money Trainers

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