Step 2: Get your banking and finances in order

When planning for end-of-life, consider reviewing bank accounts, insurance policies, superannuation or pension details, as well as Medicare and health insurance and other, similar financial records.

It’s worth sifting through your papers and keeping all your current financial documents in one place, while archiving or safely destroying documents that are no longer needed.

More information about digitising key documents for easier storage is available on Starts at 60.

Other important steps to get your finances in order include:

  • Ensuring your partner or spouse is listed as a joint account holder on any shared accounts, so they’ll have continued access to funds.
  • Ensuring your partner or spouse has their own credit card, rather than being listed as an additional cardholder on yours, so they can continue to use that card.
  • Reviewing existing superannuation and life insurance policies, checking that your beneficiaries are up to date.
  • Considering making arrangements for funds being available to cover funeral and other expenses related to managing your estate once you pass away.

 

It’s important to note that policies differ from bank to bank. Therefore, include any financial institutions in the planning conversation. If you have previously lived overseas, be sure to include foreign bank accounts in your review.