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Executors: Five easy steps to getting it sorted.

When someone passes away, there are a lot of tasks to manage, including dealing with their estate. One of the most important tasks is getting all the necessary documents in order. Properly organised documents are essential to working efficiently and effectively. In this blog post, we’ll go through five easy steps to help you get your documents in order.

Step 1 – Identify Important Documents

The first step is to identify the important documents, such as the Will, death certificate, and certificates of title. It’s important to protect these documents, so don’t hole-punch or staple them. Instead, put them into plastic sleeves for protection and then into your file (see below).

Step 2 – Sort the Paperwork into Categories

The next step is to sort all the paperwork into categories based on the asset, liability, or service. Give each bank account, motor vehicle, investment, super fund, loan, credit card, etc., its own category. Likewise, give each service such as Centrelink, Telstra, health insurance, etc., its own category.

Step 3 – Identify the Most Relevant Documents

Now it’s time to identify the most recent and relevant documents within each category. You are generally looking for only one or two documents in each category. Put these aside ready for step 4. Store all the other documents away. Leave them bundled in their categories, but don’t spend any more time on them at this stage. You probably won’t need these documents, but you can come back to them later if necessary.

Step 4 – File Your Documents

Now you’re ready to file the documents you selected in step 3. A lever-arch file (or two) dedicated to the estate’s affairs works best. Keep them separated into categories and use a file divider for each category. Sort them in strict chronological order within each category. The most recent documents are always the most useful, so the youngest go on top. As new documents arrive, categorise and file them in the same way.

Step 5 – Make an Index for Your File

The final step is to make an index for your file. Use a three-column index with column headings “Category”, “Value”, and “Progress”. Each row in your list describes a category, its monetary value (if applicable), and tracks your progress in finalising the estate in that category. Update your list as new information comes to hand and you make progress.

In conclusion, managing a deceased estate can be overwhelming, but following these five easy steps can help you get your documents in order quickly and efficiently. Remember to keep all the estate’s records and documents in one place and separate from your own personal records. By being organised, you’ll save yourself a lot of time and stress in the long run. If you have any questions or need assistance with estate administration, don’t hesitate to contact Caring Estates. Hayley Boud is here to help.