Dying Tidily

Personal Data Sheet - Appropriate Advice and Recommendations to the Elderly (and Others!) for leaving one's affairs in good order. Ralph Ray FTII BSc (ECON), TEP Solicitor and Consultant with Shoosmiths & Harrison

Introduction

One does not have to be wealthy or elderly to appreciate that financial affairs become increasingly complex in our 20th Century society: nothing is simple. As that is true of the lifetime situation, the problem becomes more acute on a death when the next-of-kin are faced with that traumatic experience. The difficulties can, however, be considerably eased if one's affairs are left in a tidy order.

To assist in this aim a pro forma is set out here whereby an individual can provide the main, basic information of his/her financial affairs in an easily understandable form.

It is suggested that the pro forma be completed as soon as an individual has any assets of substance, e.g. a home and particularly if family responsibilities are involved. The details should be updated regularly as circumstances change - preferably annually - for example, when one is completing the tax return. Allied to this suggestion is the planning of one's will. (It is clearly of great importance to keep the pro forma up dated!).

A pro forma such as is set out below clearly cannot cover every circumstance and variant of the individual concerned; and the form should be adapted accordingly. In particular, detailed and numbered schedules/inventories can be attached. The form should not become cluttered; only the more important information, the main assets and liablities need to be noted. Where the relevant details are considered too numerous to be included on or attached to the form it may be appropriate merely to refer to the source of the information, e.g., solicitor, accountant, stockbroker or others mentioned in Section 2 of the form. Section 9 - "Miscellaneous items" can then be used to indicate where further details can be obtained with appropriate cross-references to section 2.

The completed pro forma should be kept with the individual's private papers and the next of kin (e.g. wife or husband) informed of its contents and whereabouts.