Who’s going to look after my regular bills?
When formulating an estate plan, most of us normally will record personal assets like our home, savings/investments, and personal property, along with ensuring a Power of Attorney is in place.
One thing that can often get overlooked is who will look after our day-to-day bills if we were to become incapacitated or pass away. For someone who must quickly come to terms with this task, the process can be very time consuming, especially if they do not know where to start.
For example, what if you had regular direct debit arrangements in place? Who is/are your utility provider(s). What about internet or subscriptions to Foxtel, Netflix etc.?
By taking some time to record details of the various providers and associated information (i.e. passwords etc.), this will make managing your affairs a much easier process for whoever steps in and takes on that responsibility so they can ensure things don’t get missed (for example, the power or water doesn’t get disconnected!), or who to contact if one passes away.
The most common bills we pay can include:
- Water rates
- Electricity,
- Gas
- Council rates
- House/contents insurance
- Car insurance
- Health insurance
- Mobile phone/internet
There are many others that can be included in this list, but they all have common elements which you should record:
- Description of provider (i.e. electricity)
- Account number
- Frequency/when due
- Payment method
- Login details.
Also, what about any social media accounts? For example, for iPhone/Apple users you can nominate a Legacy Contact. A Legacy Contact is someone you trust who can access your data in your account after your death.
Do you have a plan like this in place? Having a plan like this will not only take the stress off yourself, but also your family (or whoever will be responsible). Everyone then knows what the plan is and makes it easier if/when it needs to be executed.
Matthew Kelly CFP®
Representative (No 314983)
