Make finances simple for your surviving spouse

Many households have one partner who naturally takes charge of the money. They manage the investments and ensure that everything runs smoothly. The other partner may be less involved or even completely uninterested in the financial side of life.

- Kenny Meiring

This arrangement works — until life changes. If the financially savvy partner passes away first, the surviving spouse may suddenly find themselves having to navigate complex investments, online accounts and tax documents - often in the midst of grief.

Fortunately, there are steps you can take now to protect your spouse and make that future transition as painless as possible.

1. Create a financial 'blueprint' for your spouse

Start by documenting everything. Think of this as a road map for your spouse, a guide that explains how your financial system fits together. You should include:

• A list of all investments, policies and accounts with clear reference numbers and contact details for each institution.

• A simple explanation of how your investment strategy works - in your own words. What is the objective of each investment? What are the short-term and long-term objectives? Are they there to produce income or growth?

Details of all your income streams, including pensions, annuities, rental income or dividends, and when they pay out.