Keep personal documents in one place

David Knott of Private Client Holdings

"Documents of title and investment confirmations could be scattered anywhere in the study, the office and all points in-between. After death, the executor needs to take charge of all assets, investigate and settle all claims against the estate and give transfer of the residue of the estate which could include fixed properties, vehicles and investments to the rightful heirs in terms of the will," says Knott.

"Try to imagine the wasted time if the executor cannot easily ascertain where all these details may be. With most investors now also having funds abroad, the search for assets becomes more complex unless you have kept reasonable records. Obviously, having your investments and tax affairs managed under one 'umbrella' helps to keep everything together and allow for a seamless transmission of information to the executor who can then swing into action without delay."

However, Knott advises that for those people who manage their investments themselves to keep all the details of their assets and investments in one place, along with other important documents, such as ante nuptial contracts, title deeds, motor vehicle registration certificates, orders of divorce, lease agreements and the like. "The sooner your executor can confirm investments and settle taxes and other liabilities the sooner they can distribute to your heirs and allow them to gain finality and get on with their lives," concludes Knott.