I often get asked by my clients what can I do to keep my financial records in order. How you do this depends on what you want to achieve but here are my ideas.
Keep records of what you have already in place in various categories.
- Assets - such any properties you own, contents and valuable items.
- Investments - including ISA’s Investment funds and direct shares you own.
- Liabilities - your Mortgage and any Loans or credit cards.
- Savings – any deposit accounts.
- Protection - List any protection policies you’ve set up and importantly why you took them out.
Another area often forgotten are work benefits such as death in service or life cover and Income protection/sick pay – how long will you be paid and how much.
- Share save schemes.
- Workplace pension
Expression of Wishes - this should be set up to ensure your pension is paid out correctly on death, but you might want to write down any other directions you want to leave about your estate separately.
Gifts
Record the dates and amounts of any gifts for Inheritance tax purposes.
Don’t forget that while gifts made from regular income may be exempt from Inheritance Tax, it is still important to keep records, and there are various annual small gift allowances available.
Wills
Location of wills & power of attorney if you have one.
