Family Documents Review: What to Check Every Year

Most of us have a folder somewhere with the important stuff in it: the will, the pension paperwork, the insurance policies. We tucked it away, felt rather pleased with ourselves, and carried on with life. The trouble is that life keeps changing while the folder stays exactly as it was. A regular family documents review makes sure those papers still say what you actually want them to say.

Why a family documents review keeps slipping

Even people who never miss a bill payment can leave a signed will untouched for years. It simply never feels urgent. The good news is that the job does not need to be a big one.

Start by making a list of your key records. Then pick a date once a year to go through them. The quiet stretch after Christmas works well for plenty of households. It also helps to write down exactly where everything lives, paper and digital, and keep that note somewhere your family or executors can find it easily.

The money documents to revisit

Begin with the big hitters: pensions, life insurance, savings and investments. For each one, check that your contact details are right, that the named beneficiaries are still the people you intend, and that the cover is still the right amount for your situation.

Then look at your mortgage papers for every property you own, plus any other borrowing. Do not forget accounts your family might not know exist, and any digital-only holdings such as cryptocurrency or online investment platforms.

Keep beneficiaries and family details current

Births, deaths, marriages and divorces all change who should be named on what. Out-of-date details can leave your loved ones with uncertainty and, in some cases, disputes over an estate. If your family set-up is a little complicated, it is worth paying for professional advice so your wishes are recorded properly.

Check pension nomination sections and each insurance policy one by one, rather than assuming they all match.

When life events call for an earlier check

Once a year is the minimum, but plenty can happen in twelve months. Certain moments should send you straight back to your paperwork:

• Getting married or separating
• Having a child
• Buying a home
• Retiring
• Losing someone who is named in an existing document

This is also the time to look at your powers of attorney. These cover health and welfare, or property and financial affairs, and they let the people you appoint make specific decisions on your behalf in certain circumstances.

Wills deserve special attention

Without a will, the law decides what happens to your money, property and belongings after you die. So having one matters, and so does looking at it regularly and whenever your circumstances shift.

If you need to change a will, do it properly. That means an official alteration, known as a codicil, or a brand new will. Scribbling changes onto the existing document is not the way to go.

Treat it like a small annual project rather than a chore. Put a date in the diary, make a cup of tea and work through your list one item at a time. Tick off each document as you go, and jot down anything that needs changing so you can deal with it in one go.

It also helps to tell a trusted family member or your executor where the list is kept. There is little point in having perfect paperwork if nobody knows where to find it. A short conversation now can save a great deal of stress later.

Keeping family records up to date is hardly the most thrilling job on the list. But a few hours of organisation once a year can save the people closest to you days of detective work at a very hard time. Put it in the diary and your future family will thank you.