{"id":11046,"date":"2022-12-09T13:14:12","date_gmt":"2022-12-09T05:14:12","guid":{"rendered":"https:\/\/www.infinitysolutions.com\/?p=11046"},"modified":"2022-12-08T13:16:31","modified_gmt":"2022-12-08T05:16:31","slug":"keeping-your-affairs-in-order-why-and-how-you-should-keep-a-financial-file","status":"publish","type":"post","link":"https:\/\/www.infinitysolutions.com\/blog\/keeping-your-affairs-in-order-why-and-how-you-should-keep-a-financial-file\/","title":{"rendered":"Keeping Your Affairs In Order: Why And How You Should Keep A Financial File"},"content":{"rendered":"

You might know where all your important financial information is kept but does anyone else? Would someone be able to deal with your affairs easily if you die or are incapable of doing so yourself? If the answer is no, take the time to create a financial file. \u00a0<\/em><\/p>\n

Four important reasons to create a financial file<\/strong><\/span><\/h4>\n
\u00a0 \u00a0 \u00a01. Easy access to important information<\/strong><\/h5>\n

A single file that holds all of your important personal documents in one place allows easy access to your financial information for your loved ones or the executor of your will in the event that you become unable to manage your own affairs, or you pass away. It should not just list the assets you have but include other information such as where your will is kept, your wishes with regard to funeral arrangements etc.<\/p>\n

\u00a0 \u00a0 \u00a0 2. To avoid assets getting \u2018lost\u2019<\/strong><\/h5>\n

Our financial lives are increasingly complicated and it is easy for elements of an estate to get lost. There are billions of dollars\u2019 worth of bank accounts, insurance policies and other forgotten holdings out there. Keeping a file \u2013 digital and\/or physical \u2013 ensures that none of yours will get overlooked.<\/p>\n

\u00a0 \u00a0 \u00a0 3. To ease stress for your loved ones<\/strong><\/h5>\n

Dealing with incapacitating illness and death is stressful enough, without having to piece together a disparate jigsaw of financial information and wondering if you are complying with someone\u2019s wishes.<\/p>\n

\u00a0 \u00a0 \u00a0 4. To give your loved ones speedy access to funds <\/strong><\/h5>\n

Administrative chaos could result in funds being blocked for your loved ones while a lengthy probate process ensures. Life insurance falls outside of an estate and can be accessed fast upon your death but that\u2019s no use if no one knows it exists!<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a05. To avoid unnecessary legal fees<\/strong><\/h5>\n

We all know that lawyers don\u2019t come cheap. Awell-organisedd financial file cuts down on unnecessary legal fees to deal with your estate.<\/p>\n

Your financial file: digital versus physical?<\/strong><\/span><\/h4>\n

To cross all the t\u2019s and dot all the i\u2019s we would recommend keeping a physical and a digital file. It\u2019s always good to have scanned copies of documents in case you fall victim to fire or theft.<\/p>\n

Digital files should, of course, be password protected to ensure information doesn\u2019t fall into the wrong hands. You need to choose a trusted individual and grant them access to your financial file. It goes without saying that you should choose carefully as you are entrusting your most precious information to them.<\/p>\n

What to include in your financial file<\/strong><\/span><\/h4>\n

This is a basic list of the information and documentation to include in your financial file:<\/p>\n