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Get your financial affairs in order: how to create a lifebook
Creating a lifebook – a place to store all your financial information – ensures that you and your family can easily access important information in an emergency, or whenever you need it. Whether it’s a digital or physical folder, here’s what to include in your lifebook.
What should a lifebook look like?
Your lifebook could be a folder on your computer where you've saved all relevant documents, and perhaps even a spreadsheet summarising your information. Or if you prefer, print out all the relevant documents and put everything together in a physical file. Whether it’s a physical or digital folder, make sure your family knows where and how to access your lifebook if something happens to you.
Your folder should include:
- Your updated Last Will and Testament, or the details of where it is stored
- Birth certificates and important medical details
- Medical aid information
- Banking information
- Tax details and records
- Property ownership details and documents
- Details of all your provident, pension and retirement annuity policies
- Investment accounts
- Short-term insurance policies (vehicle and household insurance, etc.)
- Long-term insurance policies (life insurance, funeral cover, critical illness, income protection cover, etc.)
Spreadsheet it
Create a spreadsheet with all your investments, bank accounts and risk cover information summarised. Include the details of the product/service providers and account numbers, and where to find important documents or additional information not stored in the lifebook folder. This gives you a single piece of paper that records all your financial information.
Remember to update your information when things change, or work an annual update into your calendar.
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