How to Find Your Deceased Relative's Tax Records and How to Prevent a Mess for Your Own Family
Dealing with the death of a loved one is hard enough without the added stress of untangling their financial affairs. If your relative has left their tax records and other financial information in disarray, here are some tips to help you find what you need. We also discuss how you can make things easier for your own family in the future.
Finding Your Deceased Relative's Tax Records
1. Check Their Personal Files
Look through their personal files, including filing cabinets, desks, and digital folders on their computer. Important documents like tax returns, bank statements, and receipts are often stored here.
2. Contact Their Accountant or Tax Agent
If your relative used an accountant or tax agent, they would have copies of past tax returns and could provide the Tax File Number (TFN) and other essential information.
3. Look Through Their Mail
Tax-related documents are often sent by mail. Look for letters from the Australian Taxation Office (ATO), banks, or other financial institutions. These might contain crucial information or lead you to other relevant documents.
4. Search Digital Records
Check their email accounts and any cloud storage services they use. Important tax documents might be stored digitally. Look for folders labelled "Taxes" or similar.
5. Contact the Australian Taxation Office (ATO)
If you have trouble finding their TFN or tax records, contact the ATO. They can provide guidance on what steps to take to access the necessary information.
6. Gather All Relevant Financial Documents
Collect any bank statements, superannuation records, and investment documents. These can help piece together their financial situation and provide necessary information for tax purposes.
Preventing a Mess for Your Own Family
1. Organise Your Financial Documents
Keep all your important financial documents, including tax returns, in a single, well-organised location. Make sure your family knows where this is.
2. Create a Digital Backup
HazeLegal offers storing digital copies of important documents in a secure cloud storage service. Ensure that your family knows how to access these files.
3. Keep Your TFN Secure
Your Tax File Number is crucial. Store it in a safe place and include it in your list of important documents. Inform your family where they can find it.
4. Use a Trusted Accountant or Tax Agent
Working with a professional can ensure that your tax affairs are in order. Provide your family with their contact details so they can reach out if needed.
5. Prepare a Will and Estate Plan
Clearly outline your wishes and financial arrangements in a will. An estate plan can help manage your assets and provide guidance for your family.
6. Communicate with Your Family
Have open conversations with your family about your financial affairs. Make sure they know where to find important documents and understand your wishes.
7. Update Your Records Regularly
Keep your financial records up to date. Review them annually to ensure everything is current and easily accessible.
8. Upload your information to our Digital Vault
Upload your information and records to our Digital Vault, which will ensure that after your passing, and not before, your information will be sent to those of your choosing, such as your executors and next of kin. If everyone has all the relevant information, there is less likelihood of someone abusing the situation and perhaps ripping off either yourself, your estate or your family. Knowledge of power.
9. Consider Professional Advice
Speak with a lawyer or financial advisor to ensure your affairs are in order and to get advice tailored to your situation.
By taking these steps, you can reduce the stress on your family during a difficult time and ensure that your financial affairs are handled smoothly.
Need more help? Reach out to us today!
DISCLAIMER
This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.
© WebWills, Australia 2024.
What will your Tombstone say?
Our epitaph is the world’s lasting view of us, a summary of our lives, and what we stood for.
What will your tombstone say about you? Entrepreneur, hard worker, professional, scroller of social media, binger of Netflix?
Or it says, most beloved parent, child or spouse?
What do you want it to say? For that is how you must live your life.
We often get busy with the minutiae of life and forget about what is important.
It is your executor who will choose the inscription on your tombstone, so now you know who to impress. Haven’t appointed an executor? Then maybe writing your Will should be the next thing on your To-do list. Contemplating your passing does not have to be scary, it can be a wake-up call – before it’s too late – on what you want from this one short and crazy life!
Here are a few famous tombstones to inspire you.
Emily Dickinson (Author) (1830-1886)
“Called Back”
Referring to the last words that she ever wrote in a letter to her cousins, but also the title of a novella she loved by Hugh Conway.
And not a reference to a phone scam.
William Shakespeare (1564-1616)
"Good friend for Jesus' sake forbear,
To dig the dust enclosed here.
Blessed be the man that spares these stones,
And cursed be he that moves my bones."
I think someone was a little concerned about grave robbers. Though probably not unfounded.
Rosa Parks (1913 – 2005)
“Mother of the Civil Rights Movement”
I think we can all agree on that one.
A fitting tribute to her monumental impact on history.
Winston Churchill (1874-1965)
"I am ready to meet my Maker. Whether my Maker is prepared for the great ordeal of meeting me is another matter."
Churchill's wit and wisdom even in death.
Mel Blanc (1908-1989)
"That's All Folks!"
The famous sign-off of the man behind many beloved cartoon voices.
Martin Luther King Jr. (1929-1968)
"Free at last, Free at last, Thank God Almighty I'm Free at last."
Echoing his immortal words from the civil rights movement.
Merv Griffin (1925-2007)
"I will not be right back after this message."
A humorous nod to his career as a television host.
Frank Sinatra (1915-1998)
"The Best Is Yet To Come."
A hopeful message from the legendary singer.
J.R.R. Tolkien (1892-1973)
"Beren" and "Lúthien"
A touching reference to his epic love story from "The Silmarillion." He shares the grave with his wife Mary, who is referred to as Luthien and he as Beren, two great loves.
Johnny Cash (1932-2003)
"I walk the line."
Summarising his life and music career in just a few words.
Mae West (1893-1980)
"Come up and see me some time."
A cheeky nod to her famous catchphrase.
Billy Wilder (1906-2002)
“I'm a writer but then nobody's perfect.”
Only a writer could pen those words.
Edgar Allan Poe (1809-1849)
“Quoth the Raven, Nevermore.”
A fitting tribute to his most famous poem “The Raven” and its interpretation that nothing can be done to change the situation of he who lies there. Very clever indeed.
Benjamin Franklin (1706-1790)
“The body of Benjamin Franklin, Printer, Like the cover of an old book, Its contents are torn out, And stripped of its lettering and gilding, Lies here, food for worms. But the work shall not be lost, For it will, as he believed, appear once more, In a new and more elegant edition, Revised and corrected by the Author.”
Reflecting his view on death and life beyond.
Bette Davis (1908-1989)
“She did it the hard way.”
Having succeeded in Hollywood when the pressures against women were even greater than they are now. She was the first woman to be awarded a Lifetime Achievement Award by the American Film Institute
George Washington Carver (1864-1943)
“He could have added fortune to fame, but caring for neither, he found happiness and honour in being helpful to the world.”
Words to live by, and a wonderful legacy to leave.
Planning your legacy is as important as living it. These epitaphs remind us to consider what we want our final message to the world to be. By planning your estate now, you can ensure that your legacy reflects your values and what you stood for. If you need help with estate planning, don't hesitate to reach out. Your legacy is worth securing.
DISCLAIMER
This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.
© Webwills, Australia 2024.