As at October 2013 the Inland Revenue Department held unclaimed money of about $89 million dollars. This does not include any unpaid tax refunds. Interest earned on these funds accrues to the Crown. An (incomplete) list of the people to whom this money belongs is updated and published from time to time by IRD and is available here: http://www.ird.govt.nz/unclaimed-money/monies-s.html
Given that the list contained about 71,000 names in 2013, it seems that there are a significant number of people who may benefit from keeping their affairs a little more organized.
A relatively straightforward exercise that may prove immensely priceless in the future is to compile your important documents so that your next of kin or executor of your estate can manage your estate (and any unclaimed funds) as little tribulation as possible.
A non-exhaustive list of important documents to have prepared and accessible includes:
Will – original
Enduring Powers of Attorney
Deed of Trust (if assets have been divested to a trust)
Deed of Nomination of Appointor (if not included in Trust Deed)
Solicitor, accountant and financial adviser contact details
Proof of Ownership – vehicle, land, shares
Proof of Identify – passport, license, birth certificate
List of bank accounts
List of creditors
List of debtors
Most recent 3 years of tax returns
Online login information
Insurance policies, policy numbers and agent contact
Copy of medical records
Additionally it would not hurt to have these documents handy for your own peace of mind and administration of your affairs. Once compiled, any sensitive information may be sequestered (for example by putting in a safety deposit box or lodging with your solicitor) and made accessible to others only upon the occurrence of a triggering event.
This article has been written by Aman Prasad, Associate at Patel Nand Legal.
Feel free to contact him for your next home purchase on 09 522 2757 aman@patelnand.co.nz
