Here's Why (And How) You Should 'Death Clean' Your Finances

MoneyWe’ve written before at HuffPost UK about “death cleaning” your home. The Swedish technique, known in its country of origin as döstädning, involves gradually clearing away your clutter and ensuring that you begin throwing out more stuff than you accumulate. The ultimate goal of the method is to make cleaning, clearing, and keeping the belongings in your home as easy as possible after you die.Sure, it sounds grim. But speaking to HuffPost UK, Kara Gammell, personal finance expert at MoneySuperMarket explained it’s a really smart move – and it can apply to your finances too. “A lot of people don’t realise just how much ‘financial clutter’ they could be leaving behind for their executor: things like bank accounts or credit cards you no longer use, as well as forgotten subscriptions, and paperwork for pensions and insurance policies that are stored digitally or tucked away in a drawer,” she said. “Taking the time now to get organised by checking your credit report, gathering key documents, cancelling unused accounts and creating a clear inventory of all digital and financial assets, makes life much easier for a digital executor... A few small steps today can save your loved ones a lot of confusion, stress and upset.”Here’s how she recommends doing so: 1) Check your credit report This can help you to spot any fees or financial responsibilities that have slipped your notice, ensuring you can tie up any loose ends. “Think of your credit report as a snapshot of your financial life - active accounts, debts, credit cards, even the ones you forgot about,” Gammell said.“Reviewing it regularly helps you spot anything that could be closed or flagged, and protects your family from nasty surprises.” 2) Keep your most important documents togetherBank details, insurance policies, wills, and digital banking passwords should all be stored together for easy access, the finance expert said.“Better yet, scan them and save to a password-protected folder. It’ll save your loved ones a world of stress if they ever need to find something fast.”3) Review your subscriptions and direct debitsIs anyone else pretty sure they’re paying about £25 a month in subscription services they never use? Because I reckon I am, and Gammell said we should keep a keen eye on these little fees that build up fast. “Cancelling subscriptions you no longer use not only saves money now, but also prevents your family from being left to manage ongoing charges and cancel subscriptions later,” she shared. “Leaving active accounts and unused credit card information open can also increase the risk of fraud or identity theft.”4) Appoint a digital executorMost of us know that we need someone to manage the property we leave behind in the physical world. But the finance expert advised electing someone to take care of your digital and financial assets, too. “Think of a digital executor as your online organiser-in-chief: someone you trust to take care of your digital life – photos, social media, email accounts, cloud storage, and all those streaming subscriptions – if you’re not around,” she suggested.“To appoint a digital executor, simply name them in your will and clearly outline what you’d like them to manage – whether that’s closing social media accounts, saving precious photos, or sorting out your online banking.” Ensure your digital instructions and details are kept somewhere accessible but secure, and that the person to whom you’re assigning the role of executor is OK with the responsibility. 5) Close any old bank accounts If you have some older bank accounts in your name, try to close them – otherwise, the process of managing your finances after you go will be unnecessarily complicated. “Many people have accounts from old jobs, student days, or previous banks that are still technically open,” Gammell stated. “Closing unused accounts simplifies your financial footprint and makes it easier for loved ones to handle your estate.”Related...Swedish Death Cleaning Might Be The Key To Ending ClutterI'm A Finance Pro – Here Are 5 Phrases To Avoid When Talking To Kids About MoneyPersonal Finance Gurus Share The Top Tips They Want Everyone To Know

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