WHAT IS A DEATH BOX AND WHY EVERYONE NEEDS ONE?

Talking about death is morbid, but this is a beautiful act of love and peace.

This article was sparked by a question I had on social media. What if my kids do not know I have an EasyEquities account or how to access it? My response was, you are alive right now and can do something about that. Thats where the death box comes in to help.

WHAT IS A DEATH BOX?

A death box is a way of storing all the important details of your life for both your financial and personal wishes.

This should include items like:

1. Bank accounts
2. List of accounts and credit cards
3. Copies of your Will and Trusts that you set up
4. Investments
5. Pensions
6. Funeral & Life Insurance Policies
7. Car/Home title deeds
8. Bills details and how they are paid
9. Preferred tradesman for your home e.g. plumber, electrician
10. Trusted advisers e.g. Financial Adviser, Accountant, Lawyers
11. Evidence of loans due back to you
12. Gifts you were planning or had made
13. All your account and device information
14. Anything else that will reduce the stress and make it easier for your loved ones during a very difficult time

MANUAL VS ELECTRONIC

I strongly advise that your Death Box is electronic for obvious reasons. You can do this yourself or you can use a financial adviser, who will most likely use software to do this.

I have created a password protected folder and Excel sheets with everything my family needs. Every time I update something in the folder or change the passwords, my five designated confidants will receive an update email. They can either download the documents or simply access it in the case of an emergency.

CONCLUSION

Planning for death is never easy, but that is the only certain thing in life. Avoiding it will not stop it. If you need help, reach out to an adviser. Items that you might not even be aware of, like saving on excessive Estate Duty or a Living Will can save your family heartache and uncertainty.