FamBridge is here to help families in the future.

A story regarding my friend and how she now realises the importance of documenting accounts and investments in her name and how valuable her FamBridge portfolio book will be to her family in the future for her own administration. As a person who managed the day-to-day household bills and accounts, she now understands the extent of what must be taken care of when someone dies, it is much more than she ever imagined.

She is so mindful her family are busy with their own lives and children, with her world being turned upside down, she now has the understanding of how much time is involved and the steps that need to be taken to finalise an estate, she feels relieved to be able to document everything and give her children the starting point that they will need along with as much information and associated certificates they will need in the future. She has been at times overwhelmed with some of the complexities and she wants to alleviate as much stress for her children as they will know nothing of her personal circumstances when the time comes to possibly take care of her or wind up her estate.

Children and family are caught up in their own lives, they don’t necessarily know much about what Mum or Dad might have going on. They might be aware there are a couple of streaming accounts and the usual utility accounts but not know where they held, what the passwords are and in what name the accounts are in. It doesn’t end there when we take the time to think about things and look around our home, we know then that the kids will have a battle to get it all sorted.

FamBridge bridges the gap and provides the roadmap for family.

Louises story -

This year my dear friend’s husband passed away relatively suddenly. He had been undergoing treatment but declined rapidly and died without hardly seeing his family in the preceding weeks as they were not able to enter the hospital due to Covid19 restrictions.

It was a time of turmoil for the family and especially the children who had no time to come to grips with what was happening and ultimately their father losing his battle.

It’s now been a few months and my friend Louise has been astounded at being made to feel ill at ease being the survivor (the term used for the living partner) of a 40-year marriage it’s like she is a total stranger regarding anything in her husband’s name. So many things have been taken out of her hands and so quickly. A lady who has always worked in administration and has a full handle on things she found she was treated a bit second class in some instances.

Within a couple of weeks of the passing of her husband and the organizing of the funeral she started getting communication from the utility suppliers to say she was no longer entitled to the small discounts they had received due to her husband receiving a part pension. No consideration for her to make those calls herself and no communication from the government departments to say they would advise these companies. She was very taken aback when she found the bank had frozen the credit card although she was a secondary card holder and she had not yet been in touch with them.

The utility providers although some of the accounts were in both names treated her as not important although courteous, she was made to feel she could be doing something wrong as her husband was seen as the primary holder of the account.

There are so many identifying documents that need to be provided to all the various places to change names and stop direct debits.

Probate was another maze and sourcing information on how things were processed became a burden, she has been given varying information regarding Probate and the circumstances it was required. Trying to find information in simple terms, added cost to the estate between husband and wife and the necessity to have things including superannuation sorted.

Each state has different rules along with the providers and therefore you should always seek your own professional legal advice for your situation.

At FamBridge we have thought through so many of the different scenarios and what will be needed for families. We have included in our portfolios the questions requiring answers. Those attending to matters will no doubt be extremely thankful to have the information at hand to deal with whatever is needed.

Contact us @ www.fambridge.com.au if you have any queries or for a confidential chat.