03/17/2021
I know that I have said this before but it bears repeating:
If you died today, would someone know where your important papers are? Your Will? Trust? Where you bank? The name and contact information of your financial advisor? Your attorney may have some information but we only know what our client has told us. And do they even know who we are?
Do everyone a favor and make a list of the following:
Your Life Insurance information (company name, telephone number, account number, beneficiary);
Bank account information. With online banking, sometimes the children do not even know where you bank.
House: Who holds your mortgage, if any, and where is the deed to your house? Do you have a Beneficiary Deed which leaves the house to someone, or will they need to go through Probate or through a Trust?
Retirement plans, benefits, stock, investments. At the very least, leave them the contact information.
Vehicle title: Where is it? Does it have a TOD designation (transfer on death)? It's an easy way to avoid probate.
What are your wishes for your funeral, memorial service, etc.? Let someone know while you are alive. Do you wish to be cremated? Buried? Donate your organs or donate your body to science? Have a memorial service? Better yet, make your own arrangements NOW. It's so much easier to do when you are not overcome with grief. Save your loved ones from that.
Do you have a Trust? If so, be sure your Successor Trustee knows where the trust document is and especially, what assets have been put into the trust.
Debts? Credit cards? There is so much more, but I just want you to think about it now.
Don't put everything in a safe deposit box that nobody has a key to.
The bottom line is: Give the person you want to handle your affairs a place to start. Handling someone's affairs is a very stressful job, especially while you are grieving, but you can ease their burden a bit. Go over your financial situation with them now. Repeat periodically, or whenever there is a change in your situation.
List your assets and how each is titled (who owns it). Assets with a beneficiary or joint owner will go directly to them, without probate. List your debts and the contact information.
Finally, write a note to each of your loved ones. We don't know how much time we have and it will mean so much to them.