{"id":197577,"date":"2025-10-08T11:03:14","date_gmt":"2025-10-08T11:03:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/197577\/"},"modified":"2025-10-08T11:03:14","modified_gmt":"2025-10-08T11:03:14","slug":"get-your-financial-affairs-in-order-your-loved-ones-will-thank-you-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/197577\/","title":{"rendered":"Get your financial affairs in order. Your loved ones will thank you \u2013 The Irish Times"},"content":{"rendered":"

Could a Google doc of your financial affairs be the most caring thing you can do for the people you love?<\/p>\n

Bank accounts, old work pensions<\/a>, car loans \u2013 excavating all of this in the eventuality of your death can leave a mountain of admin for your loved ones.<\/p>\n

That\u2019s why every autumn, 45-year-old writer and ex-Goop alumni Elise Loehnen updates a simple Google document, shared with her husband and brother, with all of her boring but vital information. <\/p>\n

\u201cYou want the people you love to be able to mourn without needing to hack into your email account,\u201d says Loehnen. \u201cYou don\u2019t want your partner or siblings guessing where you might have bank accounts.\u201d<\/p>\n

She\u2019s had first hand experience of the admin mountain a death can create. When her best friend and brother-in-law died suddenly, she stepped up to help, she tells readers of her Substack, Pulling the Thread.<\/p>\n

\u201cAnyone who has gone through this process will tell you that one of the sharpest cruelties of the immediate aftermath of death is the endless paperwork,\u201d she says. <\/p>\n

[\u00a0Children need to grow up and have \u2018the talk\u2019 with ageing parentsOpens in new window<\/a>\u00a0]<\/p>\n

\"\"Should we put more money into Irish soccer? <\/p>\n

Ireland\u2019s national soccer team will slide down the international rankings unless significant investment is made in the League of Ireland\u2019s academy system, according to the league\u2019s director Mark Scanlon.He has submitted a proposal to the Department of Finance ahead of Tuesday\u2019s budget requesting \u20ac4m annually, rising to \u20ac8m after two years to be spread across Ireland\u2019s 26 soccer academies.Mr Scanlon said the system in Ireland remains heavily reliant on volunteers, stunting the sport\u2019s growth despite years of strong audiences and revenues.His plan includes three new full-time roles directing academy soccer across Ireland.On today\u2019s podcast Ciar\u00e1n Hancock is joined by Mr Scanlon and Irish Times Soccer Correspondent Gavin Cummiskey.Produced by Declan Conlon and Andrew McNair, with JJ Vernon on sound.\u00a0<\/p>\n

In her case, this included cancelling her brother-in-law\u2019s credit cards, plane tickets, ordering death certificates, unwinding subscriptions, gym memberships, tolls, parking tickets, and thinking about anything that might come in the post bearing his name. <\/p>\n

This isn\u2019t easy, and it\u2019s a task made worse by not knowing the person\u2019s passwords, email accounts or phone codes, she says. <\/p>\n

\u201cPlanning for your death might feel weird, but it is one of the most loving and selfless things you can do for the people you will leave behind,\u201d she says.<\/p>\n

So, if you are living, it\u2019s time to get organised. <\/p>\n

Excavation frustration<\/p>\n

Does your brother know you have a car loan, does your sister know about your life assurance policy? Even if you live with them, they may not have a clue. <\/p>\n

After a death, a family will sometimes come to solicitor Jacquelyn Dunne\u2019s practice with boxes of files. <\/p>\n

\u201cThere can be a crate with reams and reams of bank statements and policy documents,\u201d says Dunne. For a solicitor to sift through the contents takes time, and costs money, so she typically gives the bereaved a list of exactly what she needs.<\/p>\n

When you die, probate is the first step in sorting out who gets what. But first, a solicitor, or other person making the probate application, needs to gather a lot of financial information to complete Revenue\u2019s SA2 form. <\/p>\n

[\u00a0Don\u2019t die before you read this: what happens to your money if you die unexpectedly?Opens in new window<\/a>\u00a0]<\/p>\n

\u201cI need to gather the value of the estate at the date of death, so I need Iban numbers for all your bank accounts, credit union accounts, life insurance policies and any real estate you have,\u201d says Dunne.<\/p>\n

Unless you have left a specific record of all of this, locating it will be complicated and time consuming for those grieving. <\/p>\n

In one case, nieces and nephews of a deceased uncle had no clue where he banked, says Dunne. <\/p>\n

\u201cWe had to write letters to every bank in the locality to see if he had any accounts with them,\u201d she says. <\/p>\n

\u201cThat can really delay things. Where things are documented, it definitely makes it easier for the family members.\u201d<\/p>\n

If a solicitor is handling things, they will write to the specific institutions, to check these were the only accounts and ask them to provide account balances. <\/p>\n

Once this is submitted to Revenue and they give the nod, the probate application can proceed. <\/p>\n

\"YourYour beneficiaries can retrieve dormant money, but they may not know it exists. Photograph: Getty Images <\/p>\n

It can take four to six months for the grant of probate to issue from the date the probate office receives the information. But if you haven\u2019t left a record of your accounts and policies, it can be months more before the process can even get started. <\/p>\n

Once given the grant of probate, banks will give the solicitor the money in the accounts to divide according to the will, if there is one. <\/p>\n

Where amounts are under \u20ac35,000, Irish banks can generally release funds without the grant of probate. <\/p>\n

If your loved ones are anxiously waiting to sell your house or car for example to settle your debts, to access cash to pay off bills, and especially if there is a discord among beneficiaries, every day of delay can make things harder. <\/p>\n

Missed funds<\/p>\n

Money, big and small, falls through the cracks when loved ones are left in the dark, says Dunne. <\/p>\n

In one instance, a family member found an old bank statement during a clear out, months after the death. The account had been inactive for well over a decade, so the bank had made it dormant. A balance of more than \u20ac40,000 had been missed. <\/p>\n

The grant of probate had to be amended, prolonging the admin for family.<\/p>\n

[\u00a0Wealth adviser urges people to \u2018die tidily\u2019 by putting their affairs in orderOpens in new window<\/a>\u00a0]<\/p>\n

Dormant account laws mean banks can transfer funds in an account inactive for 15 years to a National Treasury Management Agency<\/a> (NTMA) fund. This money deemed unlikely ever to be reclaimed goes to good causes every year.<\/p>\n

Unclaimed life assurance policies are considered dormant five years after maturing. <\/p>\n

Your beneficiaries can retrieve this dormant money, but they may not know it exists. <\/p>\n

Irish credit institutions, led by Bank of Ireland and AIB, had almost \u20ac623 million of unclaimed funds in dormant accounts as of the start of 2023. Life firms, spanning from Aviva Life to Zurich Life, had a further \u20ac161.8 million, according to the NTMA\u2019s annual report. <\/p>\n

This gives you an indication of just how much money in accounts and policies can go undetected after a death. <\/p>\n

In another example in Dunne\u2019s experience, an old untouched Special Saving Incentive Account (SSIA), visible only on the individual\u2019s banking app and containing \u20ac7,500, was not visible to the tellers in the branch because it had been made dormant. <\/p>\n

[\u00a0Inheritance tax: How to avoid leaving your loved ones with a hefty billOpens in new window<\/a>\u00a0]<\/p>\n

\"AA solicitor, or other person making the probate application, needs to gather a lot of financial information to complete Revenue\u2019s SA2 form. Photograph: Getty Images <\/p>\n

\u201cIf the person dropped dead in the morning, that money would not have been discovered,\u201d says Dunne. <\/p>\n

Instances like this prompted her to set up TheJourney.ie, a folder in which to physically document such personal information, designed as a companion to a will. Her idea was to ease administrative burden on loved ones and minimise legal complication. <\/p>\n

Online and overseas banks<\/p>\n

If you have money in an online-only bank, like Revolut and Bunq, or have overseas bank accounts through platforms like Raisin, there is unlikely to be a breadcrumb trail of physical bank statements. <\/p>\n

If you haven\u2019t left a record of your computer, email, or banking app passwords, the search for online-only accounts is made difficult. <\/p>\n

\u201cEven if they are aware you have accounts with online-only banks, they may not know how to access the information,\u201d says solicitor Susan Murphy of Makemywill.ie.<\/p>\n

\u201cWho can they talk to if there isn\u2019t a physical branch?\u201d<\/p>\n

\u201cSomeone\u2019s main bank account can be with an online-only bank. There isn\u2019t a physical bank you can go into with a death certificate and say, \u2018I\u2019m the next of kin\u2019. So it\u2019s a big minefield,\u201d says Murphy. <\/p>\n

Revolut will only deal with bereavement cases via email, or an in-app chat function. Raisin provides a phone number in Ireland. <\/p>\n

[\u00a0What happens to your loved ones in the event of your death or illness?Opens in new window<\/a>\u00a0]<\/p>\n

\"IfIf you haven\u2019t left a record of your banking app passwords, the search for online-only accounts is made difficult. Photographer: Betty Laura Zapata\/ Bloomberg via Getty Images <\/p>\n

\u201cIf you had a document there that was updated annually with these details, it makes it so much easier,\u201d she says. \u201cEverything is just there in front of them.\u201d<\/p>\n

If you\u2019ve made a will, you can include a list of the financial institutions where you have money or policies with your solicitor. They are unlikely to want to hold more specific information like passwords however. Accounts and policies started after you made your will be missing unless you refresh your will.<\/p>\n

Create your own record, make it secure and update it at least annually. Enable access to your executor or someone you trust, says Murphy. <\/p>\n

Otherwise, families must become detectives. <\/p>\n

\u201cSolicitors charge differently, but some do time recording now and if there was more of this tedious work involved, that can increase the cost,\u201d says Murphy. <\/p>\n

Personal loans, overdrafts, credit cards<\/p>\n

It likely falls to your next of kin to notify your bank of your death. Unless they know where you have a personal loan, overdraft or credit card, they will have legwork to do. <\/p>\n

Once a bank is notified, your loans will be stopped and the money in your account will be used to repay them. Any credit cards will be stopped too. The bank will stop charging interest from the date of death. <\/p>\n

If you had informally loaned money to someone, the debt may never be known about, or get repaid, if it isn\u2019t recorded.<\/p>\n

Once notified, the bank will stop all direct debits and standing orders in your sole name too. Your people will need to contact all the direct debit originators however \u2013 so if you use streaming services, have club and gym memberships, give to charities, and have insurance company direct debits for example, include these in your Google document. <\/p>\n

\u201cIt\u2019s a lot of phone calls to various providers, and speaking to various robots,\u201d says Susan Murphy. \u201cAnd if you are not the account holder [or you don\u2019t have the account number], they don\u2019t want to talk to you, that can be a nightmare,\u201d she says. <\/p>\n

Possessions\"ItemsItems such as valuable watches like these can end up with a house clearance company, in a charity shop, or they can be buried with you. Photograph: Getty Images <\/p>\n

The worth of valuable possessions can go undiscovered if you haven\u2019t recorded this, says Dunne. <\/p>\n

She recalls a client who had an old Tag Heuer watch worth \u20ac12,000 and a ring worth nearly \u20ac20,000. <\/p>\n

Items like these can end up with a house clearance company, in a charity shop, or they can be buried with you, unless loved ones are alerted to their value. <\/p>\n

Your home insurance policy is certainly something you should document, says Dunne.<\/p>\n

\u201cIf your house is vacant and no one has told the insurance company, they might not honour an insurance claim if it arises,\u201d she says. <\/p>\n

Digital accounts<\/p>\n

Do you have photos and videos stored in the cloud? Then leave a record of this, says Susan Murphy.<\/p>\n

\u201cLeave instructions about what you want to happen to your social media accounts, do you want them taken down, deleted or memorialised? What do you want to happen to your Google photos, who should be allowed to access them? Ideally leave all these instructions in one place for your family,\u201d she says. <\/p>\n

A document with all of your personal information is extremely valuable. Keep it up to date, share it with someone you trust, but also keep it secure, she says. <\/p>\n

Billions of dollars in Bitcoin are locked away due to forgotten passwords, misplaced recovery phrases and discarded hardware, blockchain analytics firm, Chainalysis estimated in 2020. <\/p>\n

If someone inherits your computer, but not the password protecting your digital assets, this could be in store. <\/p>\n

Get started\"CreatingCreating a document on your finances in event of your death can ‘be the most loving thing you can do for the people you love’. Photograph: Getty Images <\/p>\n

Unlike a will which means decisions about who gets what, this checklist may be a less freighted task. <\/p>\n

And while this sort of personal housekeeping might seem morbid, it might, according to Elise Loehnen, \u201cbe the most loving thing you can do for the people you love\u201d.<\/p>\n

Here are six suggested areas where recorded information can be of assistance when you die:<\/p>\n

1. Bank accounts, Post Office savings, Credit Union, prize bonds, online banks, foreign banks, credit cards, store cards, gift cards, crypto, safety deposit boxes, stock options<\/p>\n

2. Life assurance, house insurance, car insurance, health insurance, income protection insurance, travel insurance, death in service benefits<\/p>\n

3. Investment products, shares, pensions<\/p>\n

4. PPS number, property tax ID, motor tax, passport number<\/p>\n

5. Utility providers and account numbers, providers of broadband, mobile phone, satellite TV, streaming services, TV licence<\/p>\n

6. Travel card, social welfare benefits, library card number, gym and sports club memberships, newspaper or health supplement subscriptions, storage unit details, charity direct debits, social media profiles<\/p>\n","protected":false},"excerpt":{"rendered":"Could a Google doc of your financial affairs be the most caring thing you can do for the…\n","protected":false},"author":2,"featured_media":197578,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,186,15868,21921,1794,184,185],"class_list":{"0":"post-197577","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-finance","12":"tag-inheritance","13":"tag-money-matters","14":"tag-pension","15":"tag-personal-finance","16":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/197577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=197577"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/197577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/197578"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=197577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=197577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=197577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}