Will is only one of the estate planning document…Do you know you need to have a personal document and asset inventory too?
Knowing at all times what personal documents and assets (e.g. properties, shares, cash etc) you have – where they are – are basic to sound personal estate planning. This record of past transactions will help you and your family to plan for the future and respond to emergencies with minimum difficulties. Keep this record of your personal details in a safe but readily accessible place. This Personal Assets & Documents Inventory (PADI) record should be attached to the copy of your Will for ease of reference and administration of your estate.
The PADI shall include the following information –
- Personal information and location of documents.
- Testamentary matters – location of Will and details of Will-writer.
- Listing of bank accounts, other assets and their locations.
- Liabilities or debts payable and to whom
- Special instructions / notes.
It is important that this record be revised and updated at least once a year. This will allow your Executor to access to your assets and distribute them to your beneficiaries promptly with little hassle or delay. Make life easier for your Executor so that he/she can better help your loved ones …
