Spring Cleaning – Tips for Organising and Updating Relevant Financial, Legal, and Personal Documents

As spring approaches many of us take part in the annual ritual of ‘spring cleaning’ by refreshing our homes and decluttering our spaces. As well as cleaning physical spaces it is just as important to extend this to the important documents in our lives. By neglecting to review and update important documents it can lead to complications, missed opportunities, and increased stress during critical times.

In this article, we will list what documents you should give a quick refresh and explore the significance of sorting and updating them.

Will and Testament

Spring is a good time to revisit your Will and ensure it accurately reflects your current situation and desires, especially if it is a few years old. Update your Will if there have been changes in your family structure, such as marriages, births, or deaths. Additionally, if you have obtained any large assets since writing your last Will, think about how you would like them to be accounted for.

If you have forgotten how your WiIl works, for example, if it contains a complicated trust or a ‘nil-rate-band discretionary trust of legacy’ then talk to us. We can explain the Will and tell you if it needs to be updated. If it contains a nil-rate band legacy, then a review is essential as changes to inheritance mean they are often no longer a good idea.

Tip: if you are worried about losing or misplacing your Will, we store them on the premises in our strongroom. Many of our clients store their Will with us and simply notify a family member that it resides in our office. We make no charge for storing a will for our clients.

Healthcare Documents

If you have created a Health and Welfare Lasting Power of Attorney, you should look at it again and make sure it accurately reflects your current wishes. Is your choice of attorney still right for you?  Do you need to update your wishes so your attorneys know what sort of treatment you do and do not want? Take into consideration any aspects related to medical treatments if you should fall ill, as well as what individuals you have chosen to make these decisions on your behalf. Keep copies of these documents in an easily accessible location and inform your loved ones about their existence and whereabouts.

Moreover, have you created a Property and Financial Affairs Lasting Power of Attorney? If so, is your choice of attorney still right for you? Have you provided a fall-back attorney if your first-choice person is not able to act? Have you thought about where your key information is stored and how your attorneys will find it if you cannot tell them? If you have any questions about this then please talk to us and we can tell you the best way forward.

Digital Estate

In our increasingly digital world, it is crucial to consider your digital estate during spring cleaning. Review and update your passwords, taking advantage of secure password management tools. Provide clear instructions to your loved ones about accessing and managing your digital accounts in the event of your incapacity or passing. This includes social media, email, phone passcodes and any other online platforms where your presence is established.

Tip: you cannot be too careful with passwords and make sure you do not reuse passwords or make them too simple. Two-factor authentication (2FA) or multi-factor authentication (MFA) is always a good idea and a good password manager tool can help remember complex passwords a lot easier.

Financial Documents

Take the time to review bank statements, investment portfolios, and insurance policies to make sure that all information is current and accurate. Take note of any outdated information that may compromise the effectiveness of these documents, as well as any deadlines for financial investments reaching maturity.

Tip: If you feel like you have any issues with your financial investments, such as a lack of information, or you are unable to get your money out of it, take a look at our other blog articles, such as “Should I be worried about my property investment?” as well as our “Financial Advisor Red Flags”, as they might help give you some clarity regarding the issues you are experiencing.

How to Start

Spring cleaning is not just about dusting and cleaning physical spaces. It is an opportunity to ensure that our important documents are as organised and up-to-date as our living spaces. Taking the time to review and update financial, legal, and personal documents can provide peace of mind and ensure that our affairs are in order.

If you would like help with your Legal Document spring cleaning, please talk to us. We can help you make sure everything is in order and help you sort out any changes that are needed. Please contact Burt Brill & Cardens for a dedicated team, ready to help with your Will as well as estate planning, your Inheritance tax questions, Lasting Powers of Attorney and questions about Trusts. Call us on 01273 604 123, email us at enquire@bbc-law.co.uk or fill in our enquiry form.