The problems that cost households the most are rarely the ones anyone plans for. They are the nomination that was never updated, the policy that lapsed because a bank account changed, and the subscription still charging a card for a service nobody uses. None of them need a financial adviser. All of them need one scheduled afternoon a year.
Put it in the calendar, not on a list
A task on a list waits until someone feels like doing it. A date in the calendar on the same weekend every year gets done. Set aside two uninterrupted hours, gather the documents in one place, and work through the same questions in the same order each time so nothing is skipped.
| What to check | Why it matters |
|---|---|
| EPF and insurance nominations | Out-of-date nominations route money through a slow distribution process |
| Premium due dates and payment method | A changed bank account quietly lapses cover |
| Medical card age bands | Premiums step up with age — check what next year costs |
| Recurring subscriptions and direct debits | Small monthly charges survive for years unrecognised |
| Emergency contact and next of kin | The person to call may have changed |
| Copy of will and power of attorney location | An unlocatable document is nearly as bad as none |
Nominations are the easiest thing to fix
A nomination takes minutes online and is the single highest-value task on the list. Marriages, divorces and deaths all change who should be named, and most people have not looked at theirs in a decade. Do this line first, every year, even if you do nothing else.
Questions readers ask
- How do I keep the documents findable?
- Keep one folder — physical or digital — holding copies of the will, power of attorney, insurance schedules, nominations and a list of accounts. Tell one trusted person where it is. The value of the folder is not the paperwork itself but the hour it saves a family at the worst possible time.
- Should I review investments in the same session?
- Keep it separate. The annual review is about the plumbing — the nominations, premiums and access — not about chasing returns. Mixing the two turns a two-hour admin task into an open-ended investment debate and it stops getting done.
Read next
- Powers of attorney and joint accounts before capacity is lost
The document that belongs in the folder.
- Wills, faraid and what actually happens to your money
Why the nomination is not the whole story.
- More in Money
Retirement income, care costs and the legal side for the decade after 55.
