A Practical Estate Planning Checklist for Families 

No one likes talking about death. But when the inevitable happens, being unprepared can make a hard situation even worse. Especially when it comes to finances and estate planning for families. 

We’ve seen time and time again how the sudden loss of a spouse throws families into panic – not just emotionally, but practically. The bills still need to be paid, policies still need to be claimed, and someone has to know what to do next. The sad reality is, many don’t. 

This article walks through two common scenarios: 

• What happens when one spouse passes away? 

• And what if both spouses pass away, leaving children behind? 

We’ll also share a practical estate planning checklist for families – and show you how Wealthstack’s Vault makes sure your family never has to scramble in a crisis. 

When One Spouse Passes Away

Often one person tends to take the lead on managing money, affectionately known as the “CFO of the family” – they’re usually the one who knows where the documents are, how the insurance works, and which password unlocks the banking app. 

So when that person dies, the other spouse can be left feeling completely overwhelmed. 

We’ve seen cases where life insurance benefits go unclaimed – not because they weren’t valid, but because the surviving spouse didn’t even know a policy existed. We’ve also seen families searching through drawers, emails and old files for clues about their finances, because things weren’t kept in one place. 

That’s the real cost of being disorganized. Sadly, it’s not just paperwork – it’s missed benefits, delayed access to funds and unnecessary stress during an already devastating time. 

And If Both Spouses Pass Away?

The situation becomes even more critical when both parents pass away. Suddenly, someone outside the immediate family – an executor, close friend or relative – needs to step in and make decisions fast. 

But without clear instructions or access to key information, even the most willing helper is left in the dark. 

Where’s the Will? Who’s the guardian? What financial accounts exist? Who do we call? 

If that person can’t find the right documents or logins, everything slows down and causes delays in accessing funds, probate complications, even trouble locating the children’s medical aid or school records. 

This isn’t something to leave to chance. 

The Vault: One Secure Place for Everything

That’s exactly why we built Wealthstack’s Vault – a secure digital space to store everything your family would need if something happened to you or your spouse. 

With the Vault, you can: 

• Store digital copies of your Will, Power of Attorney and Letter of Wishes. 

• Upload life insurance policies, investment statements, and banking info. 

• Track all your assets and liabilities in one place. 

• Add important contact details – your lawyer, accountant, executor. 

• Keep a record of group benefits or pensions that could be easily overlooked. 

And unlike a dusty file in a drawer, the Vault stays up to date. It’s part of your Wealthstack Dashboard, accessible from anywhere.

The Estate Planning Checklist for Families

So what should be in place before anything goes wrong? Here’s a practical checklist you can start using today: 

✅ A signed Will (with the original stored securely, and a copy in the Vault).
✅ A clear Letter of Wishes that includes guardianship preferences, funeral requests and personal notes.
✅ A Power of Attorney for medical and financial decisions.
✅ A list of all insurance policies – not just life, but disability and critical illness too.
✅ Details of bank accounts, investments and debt.
✅ Keep a printed copy of your Wealthstack login details in a safe or with your Letter of Wishes. Consider using a password manager and store the Master Key in the safe too.
✅ Contact info for your executor, accountant, lawyer and financial advisor. 

It’s worth repeating: it’s not enough to just have these things in place – you also need to make sure someone knows where to find them. And while you’ll always need the original copies stored in your safe or with your lawyers, having them easily accessible from anywhere in your Wealthstack Vault is a gamechanger.  

Simple Steps That Make a Big Difference for Estate Planning for your family

Here’s what we suggest to all Wealthstack clients: 

1. Set up your Vault and upload your documents. 
2. Print out your Wealthstack login info – URL, username, and password. 
3. Place it in a sealed envelope with your Will, clearly labelled. 
4. Do the same with your password manager’s master key. 
5. Let your executor or family member know where the envelope is kept. 
6. Coming Soon: Add your executor’s email to your Dashboard – we’re working on a feature that sends them a reminder every six months. 

It doesn’t have to be complicated. But it does have to be intentional. 

Take Care of Your Family Forever

Estate planning isn’t just about ticking boxes – it’s about taking care of your family, even when you’re not around to do it. 

When someone passes away, the last thing their loved ones should be doing is hunting for documents, guessing passwords or wondering what to do next. With Wealthstack’s Vault and a bit of prep, you can give your family peace of mind when they’ll need it most.