Organize personal and financial data before death

Dear Readers,

We would like to share with you something that we share with each of our clients. It’s really important, our clients like it, and we think that your family can benefit from it as well. You may have seen this in the column before. We print it year after year. Consider it as a gentle reminder to get yourself organized. One of the most tedious tasks in administering a trust or an estate is finding the decedent’s estate planning documents and asset information. Frequently, children or even spouses have no idea where important documents are to be found.

After you die, the last thing you should want is for your loved ones to have to search through your belongings to find your will, stock certificates, or other important papers. They shouldn’t have to wait a month for new account statements to come in the mail so they can figure out where you invested your savings.

To avoid these difficulties, you should organize your personal and financial data. This is where the list comes in. Collect the information described in this list and give a copy to your children or close relatives, or keep it somewhere safe and let your family know where to find it. In case something happens to you, the List of Eleven is one of the best ways to ensure that your relatives can find all your vital records.

The List of Eleven

1. The location of your safe deposit box, if you have one, and the location of the key.

2. Account numbers for all of your insurance policies, health, life, auto, home, burial, etc., and the names and addresses of your insurance agents.

3. Your investment accounts and directly held investments and the contact information for your financial advisors.

4. The names of the banks, savings and loans, and credit unions for each of your accounts, and the account numbers, or better yet, copies of your account statements.

5. The location of your cemetery plot or mausoleum niche.

6. The location of your will or trust and the name of your attorney.

7. Your credit cards.

8. Your Social Security Number.

9. The name and address of your mortgage lender, the account number, and the approximate amount of the outstanding debt.

10. The name and address of your accountant, and where your past income tax returns are located.

11. The type of memorial or funeral service you want.

11+1. These days, many people receive account statements and pay their bills online, leaving no paper trail at home. It’s important for your loved ones to be able to access your email and online accounts so they can wrap things up when you are gone. You may want to provide them with a list of your account numbers and passwords.

If you think this is too hard to do yourself, consider how hard it will be for your children to deal with after you pass away. Take a few minutes to get organized.

Len & Rosie