By Peter Locandro, Financially Sorted CEO
As the saying goes there are two certainties in life… death and taxes. So how do we lessen the burden of both on those we leave behind? Unfortunately, through the recent loss of a long-time friend, I was introduced to the Green Box Exercise. And whilst the loss is sad, the exercise is a valuable lesson which I thought I’d share.
What is the Green Box Exercise?
The days after you die will be awful for your family and loved ones. The Green Box Exercise is one way to make it a little easier for them.
- Collect all the information your loved ones will need after you’re gone.
- Put it in a box (preferably green) and store it somewhere secure.
- Tell your family & loved ones where to find it.
This will save your family, lawyers, accountants, etc. from sorting out loose ends. Here are some recommendations of what should be included in your Green Box.
Personal Items
- A “Start Here or Register of Contents” document that lists everything in the box
- Letters to your spouse/children/parents.
- Any mementos and to whom you’d like them given.
- Copy of your Will & Power of Attorney documents.
Life Administration
- Computer passwords
- Copy of your passport and birth certificate
- Copy of all credit cards
- Details of all insurances (personal, health, car)
- Medical &/or dental information
Business
- Organisation charts and contact information
- List of trusted advisors, such as lawyers, accountant, broker, real estate agent, etc.
Assets
- Personal financial statements
- Details of trusts, companies, superannuation funds
- Copies of physical property titles (cars, houses)
- Personal portfolio information and access (stocks, managed funds, bonds)
- Personal property valuations such as jewellery
Final To-Do Lists
- List of personal and business people that should be notified
- Any other instructions not addressed in you Will
- Funeral/burial instructions
- Any other details considered important or relevant.
It’s important to be prepared as we do not know what will happen today, tomorrow, next week or next month.
We're here to help
If you’re not sure where to start or the thought of collating all your documents feels overwhelming, contact us for guidance.