What is a life file and why does everybody need one?
Our world is fast changing especially because of the COVID-19 epidemic of the past number of years. We have become a lot more aware of our mortality – more so than most could have ever imagined before this pandemic. We face an uncertain future. Political upheaval and financial uncertainty are adding to our stress.
At EFS we believe these factors present an even more compelling argument and urgency to compile a “life file” to facilitate the administration of your deceased estate.
Many people have decided to update or, for the first time, draw up a will and have a look at their estate planning which goes hand in hand with drawing up or reviewing a will.
But many people do not have a life file or do not even know what a life file is all about. We want to change this.
The main purpose of a life file is to ensure that all necessary information and documentation are available for the proper administration of your deceased estate. A life file complements your last will and testament and should be stored therewith or made accessible to your family or executor.
The creation of a life file not only simplifies the period after your death but also shortens the time it takes the executor to wind up the estate and eliminates a frenzied search for crucial documents. It creates order and peace of mind. It may lead to cost savings.
Your next-of-kin and executor will benefit from the structure you have realised through the creation of a life file. Additionally, you will feel empowered. Consolidation of your information will leave you feeling informed and in control.
We can provide you with a life file template or a digital solution.
We will help you to compile the file, which will initially require some time and effort. Thereafter it is just maintenance.
Your family members will thank you for this legacy.
Please contact us if you would like to know more.