When facing the inevitable loss of a spouse or partner, it’s essential to be prepared. Here are some crucial tips to help you navigate this difficult time:
- Will: Ensure you know the location of your partner’s original will. This document is vital for executing their wishes.
- Executor: Determine if you are the executor of your partner’s will. If not, find out who is and confirm they are aware of their responsibilities.
- Funeral Insurance: Locate the funeral insurance policy, if one exists. You’ll need to activate it when the time comes.
- Bank Accounts: Compile a list of financial institutions where your partner holds joint or individual accounts. Note that the proceeds in joint accounts automatically transfer to the surviving holder.
- Other Assets: Create a comprehensive list of other assets, such as property. Identify how these assets are held, for instance, as tenants in common or joint tenants. Remember, with joint tenancy, the deceased’s interest passes to the surviving joint tenant, even without a will.
- Superannuation: Understand that superannuation is managed by the Trustee of the Fund. It becomes an asset of your deceased partner’s estate only if a Binding Death Benefit Nomination (BDBN) specifies this. Check if there is a BDBN and who the designated beneficiary is.
- Right to Occupy: If the property you live in is solely owned by your partner, ensure you understand the provisions made for your continued residence and the associated terms and conditions.
Being prepared and informed about these aspects can provide peace of mind and make a challenging time more manageable.