Getting your affairs in order: practical steps for peace of mind

A clear plan for your documents, accounts and wishes makes life simpler for the people you care about and helps avoid delays, stress and disputes. 

There is a Swedish idea known as “death cleaning” which was popularised by the author Margareta Magnusson that encourages people to organise important possessions and information in advance, so loved ones are not left to sort everything during a difficult time. This article applies that practical mindset to your financial affairs.

While the name can sound stark, the approach is simply thoughtful preparation. 

Why proactive planning matters 

It's about making matters as seamless and easy as possible for those you care about, so they can focus on supporting each other and remembering you, rather than being faced with the confusion and administrative burdens.  

When considered from this perspective, death cleaning feels less morbid and more like a thoughtful act of kindness for your family. 

By taking proactive steps to organise your financial affairs, you alleviate much of the emotional and administrative strain that families often face during bereavement. This thoughtful approach facilitates a smoother estate administration process and helps minimise the possibility of misunderstandings or disputes among beneficiaries, while reducing uncertainty about your intentions. 

Advantages  

• Reduce the burden on loved ones: Bereavement is a stressful time and managing a cluttered or disorganised estate can add significant emotional and administrative pressure. By ensuring your affairs are in order, you allow family members to focus on supporting one another.
• Retain control: Planning ahead enables you to make clear, rational decisions about your financial legacy rather than leaving those decisions to be made by others on your behalf. 
• Simplify your life: Streamlining accounts, clarifying documentation and dealing with outstanding matters can also make your own life easier and less stressful. 
• Save time and stress: Proper preparation reduces the time spent searching for paperwork, resolving ambiguities and addressing unforeseen issues during the probate process. 

Getting your affairs in order 

Gather and organise important documents 

Compile a comprehensive file of all important financial and legal documents, including your wills and where the originals are held, lasting powers of attorney, insurance policies, bank statements, investment portfolios, mortgage and property information and details of any business interests. 

Ensure these records are stored securely, either in a safe location or digitally in encrypted files. It is important that your executor and your family know where to find these documents when the time comes. 

Update beneficiaries 

Beneficiary designations on pensions, insurance policies and other accounts can become outdated and may not reflect your current wishes. Periodically review these details to ensure they remain accurate. This can help prevent funds being distributed according to outdated intentions. 

Streamline accounts and resolve debts 

Over the years it is common to accumulate multiple bank accounts and credit cards. Consider whether they are all necessary and close any that are unused. Similarly, address any outstanding debts, either by repaying them or by putting arrangements in place for their management. An organised set of accounts and settled debts makes estate administration much more straightforward. 

Create or update your will 

A well-drafted will is fundamental to effective estate planning. If you do not already have a will, it is important to create one to direct the distribution of your assets and protect against unintended outcomes or disputes. 

If you already have a will, review and update it regularly to ensure it reflects any changes in your circumstances, financial position or intentions. 

Review your investments and estate planning strategy 

Assess whether your investments are still aligned with your wishes and risk preferences, especially as your priorities may change over time. Take advice on inheritance tax and succession planning where appropriate. Effective structuring can help minimise tax exposure and preserve more of your wealth for your heirs. 

Communicate with loved ones 

Open and honest conversations with family members and other potential beneficiaries can help set expectations, avoid misunderstandings and make future administration easier. Consider discussing your general wishes and where important documents are kept. 

Practical considerations and professional assistance 

Applying this type of preparation to your financial affairs is not only about simplifying paperwork; it is about taking a proactive and responsible approach to personal planning. The process may require professional guidance, particularly in areas such as estate planning, tax strategy and will drafting. Working with experienced legal and financial advisers helps ensure that your arrangements are legally robust and reflect your intentions. 

We have seen many family disputes over what the deceased would have wanted, from small items such as a piece of jewellery to the scattering of ashes, as well as claims relating to the rest and residue of an estate. 

In addition to this type of preparation, you may also want to consider 'spring cleaning' – taking steps to put a lasting power of attorney in place. This is another proactive way to simplify matters for you and your loved ones, minimise uncertainty and reduce stress at a difficult time.  

Preparing your finances thoughtfully and thoroughly is one of the most considerate legacies you can leave for your family. It enables your loved ones to focus on grief and remembrance rather than paperwork and administration. It also helps you maintain control over your affairs and find peace of mind, knowing you have planned for the inevitable in a dignified and organised way. 

How Ogier can help 

Ogier’s Local Legal Services team supports clients through these important milestones. For more information on estate planning, will preparation or any aspect of managing your affairs, contact one of our experts.

About Ogier

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Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

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