Dear Reader

When having conversations with expat clients about their futures, making sure loved ones will be financially safe after they have gone is a key part of planning.

But the practical side is given less thought.

When someone passes away, the people closest to them are left to make decisions and find information while grieving. This is even more challenging and where expats are involved, where invariably assets and information is held across different countries and time zones.

A little preparation now is one of the kindest things you can do for them and makes sure the people you love aren't left guessing.

Here are 8 areas worth getting in order:

1. Make your wishes and information easily findable
2. Write, update or check your Will
3. Sort out who can act for you if you can’t
4. Write down funeral wishes
5. Ensure access to phone and passwords
6. Check who’s nominated to receive things
7. Clarify guardians and wishes for children
8. Use an app (eg; Lyfeguard)

Make your wishes and information findable

The single most useful thing you can do is gather the important information in one place and tell someone you trust where it is. That includes your will, property deeds, pension and investment paperwork, insurance policies, bank details, and key contacts such as your solicitor and accountant.

For internationally mobile families this matters even more. Documents and accounts are often spread across the UK, Singapore and elsewhere, and what's obvious to you may be invisible to your family. A simple, current list of what you hold, where it is, and who to contact, will save them weeks of detective work.

Write, update or check your will

A will is the document that sets out who inherits what, and who is responsible for carrying out your wishes. Without one, the law decides. The result is rarely what people would have chosen.

If your life crosses borders, this is an area to take particular care over. Assets held in different countries can be subject to different rules, and a will drawn up in one jurisdiction may not cleanly cover assets held in another.

For many expatriate families, more than one will is appropriate. The rules around domicile, residency and inheritance tax are genuinely complex and change over time, so this is worth proper professional advice. If you already have a will, the question is simply whether it still reflects your preferences and position today.

Sort out who can act on your behalf if you can't

If you became unable to manage your own affairs — through illness or an accident — who would step in? In England and Wales this is handled through a Lasting Power of Attorney (medical or financial); other jurisdictions have their own equivalents, and arrangements made in one country don't typically carry over to another. Again, an area to seek professional advice.

I would also advocate discussing medical preferences with key loved ones and make sure it is documented. Areas like long term care and medical interventions are really challenging for loved ones to navigate on one’s behalf.

Write down your funeral wishes

A short note covering the essentials - burial or cremation, a religious or secular service, music, readings, somewhere meaningful - lifts an enormous weight. There's no need to plan every detail; the point is to give your family permission to make decisions with confidence rather than worry it isn’t something you would have wanted.

Don't forget the digital side of life

So much of life now sits behind a password, or biometric security — photos, email, online banking, subscriptions and social media. Your phone and these items can become inaccessible, or quietly keep running, if no one can get in.

You don't need to write passwords on a list (for security, you generally shouldn't). A reputable password manager with an emergency-access route, or a sealed record kept with your other papers, means these accounts can be found and closed properly.

Check who's nominated to receive things

Some of your most valuable assets may pass outside your will entirely. Pensions and many life insurance policies are paid according to the beneficiary or "expression of wish" form held by the provider — not according to your will. These forms are easy to forget and often out of date after a marriage, divorce or new child, a quick review to confirm each one still names the right people is well worthwhile.

If you have children

For parents, the most important question is who would raise your children if you couldn't.

Naming a guardian in your will and talking to the people involved so it isn't a surprise, gives you a real say in their future. It is essential in some jurisdictions like Singapore where without a temporary guardian arrangement, children can be placed in foster care.

Many parents also leave a personal letter — not a legal document, but words their children can keep.

Use an app (Lyfeguard)

You can use an app, such as Lyfeguard, to store your wishes and documents. The Lyfeguard app allows you to select trusted people to include, and when to let them have access to information.

I consider this to be so important in people’s planning that I will be rolling out this app to all my annual fee-paying clients later this month.

In summary.....

I have seen numerous examples of where a little organisation over and above ensuring financial adequacy for loved ones, would have helped enormously whilst they are trying to process and grieve.

Do get in touch if this is something you would like to talk through together.

With best wishes, Gary

Gary Smithson - Partner, Farringdon Asset Management Singapore and Malaysia

​gary-smithson-farringdon.kit.com​

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