By Dave Kavanagh

For many years, I have recommended to clients the importance of setting up an “ICE” file (In Case of Emergency). Preferably in either a metal filing cabinet or any container that is fire-resistant (some have even used a strong biscuit tin but only after the biscuits are gone!) Then, make sure at least one (preferably two) trusted friends or family members are aware of where it is kept in the home. This way, in the unexpected event of either a fatality, a severe illness or even early onset dementia, it removes the confusion of trying to establish details, such as, what bank account are there, what cover (if any) is in place and is there a will made? I’ve often heard of situations where a surviving partner says “oh, he/she always dealt with all of that, I haven’t got a clue”.
So what kind of things should be kept in it? Consider the kind of information that would be needed at such a time. Details of bank accounts, any loans due to be paid, details of any mortgage and associated cover in place that could clear such a loan. Any life cover details (and any contact names and numbers in connection with them). Details of any regular payments that should be cancelled, such as gym membership, magazine subscriptions, etc. The benefit of having cover plans and wills in place is diluted somewhat if nobody knows that they exist or where the details are.

With all of this in mind, something that is well worth researching, is an Enduring Power of Attorney. While this was formerly associated with someone having reduced mental capacity and therefore needing someone to make decisions on their behalf, the Assisted Decision Making (Capacity) Act 2015, brings a more modern approach to having someone assist in certain decisions. Talk to your solicitor for more information about this service.

Dave Kavanagh QFA has been advising people financially for over 25 years. For quotes or information (with no cost or obligation) he can be contacted by emailing info@financialcompanion.ie or use the contact form on www.financialcompanion.ie or @Davekav_advice on Twitter and Instagram. Combined with his previous role of gym/nutrition adviser, he regularly gives talks and workshops at seminars and events for groups, companies and government departments on financial wellbeing, positivity and motivation. As heard on RTE 2FM , LMFM and TV3.