What Families Should Do After a Sudden Death

Even where a person has a will, a sudden death can leave family members struggling to understand the deceased’s financial affairs.

The issue

A client passed away suddenly. Although he had a will, his family was left uncertain about assets, debts, insurance policies and key contacts.

What to prepare

• List assets such as bank accounts, investments and properties.

• Record debts, including mortgages, loans and credit cards.

• Keep insurance, pension and policy information together.

• List key contacts, including advisers, accountants, attorneys and property professionals.

How to store it

The guide should be kept securely and updated regularly. It does not replace a will, but it can help family members locate important information when they need it most.

Practical point

Estate planning is not only about who inherits. It is also about making the administration process easier for the people left behind.