ORGANIZING YOUR IMPORTANT PAPERS
Having the proper estate planning documents gives you confidence that you have provided for your loved ones into the future, protects your loved ones from making difficult decisions, prevents disputes and uncertainty, and saves your estate money. Once you have these documents, however, you can provide for the future and protect your loved ones further by being organized about your affairs. Here are my recommendations:
1. Create an Estate Planning file, folder or drawer in your desk, home safe, or wherever you keep your important papers. In it, have copies of:
1.) Your Will with notation of where your original, signed Will is stored,
2.) Your powers of attorney and medical directive (Living Will),
3.) Any trust documents,
4.) A personal memorandum, if any, which provides for the distribution of your personal property upon your death,
5.) Your and your family’s social security numbers,
6.) Any personal instructions to family or the personal representative named in your Will, and
7.) Your wishes as to your funeral and burial/cremation and documentation of any prepaid plans or lot ownership.
2. Catalog your assets on a single sheet of paper. List:
1.) All of your bank account numbers with bank contact information,
2.) All of your investment and retirement account information,
3.) Cars, boats, etc.,
4.) All real estate you own,
5.) Details of any civilian employee benefits,
6.) Details of any valuable antiques, art, or other collections,
7.) Any money owed to you,
8.) Your debts, and
9.) All of your credit cards with account numbers and contact information.
3. Provide information on the location of other important papers:
1.) Your personal records, such as birth certificates, marriage certificates,
2.) Any court orders such as divorce decrees,
3.) Your safe deposit box location, location of the keys, and who is authorized to access the box,
4.) Your insurance policies and policy numbers,
5.) Any military discharge or retirement orders,
6.) Your tax returns,
7.) Any real estate deeds,
8.) Any documentation regarding antiques, art of other collections, and
9.) Titles for cars, boats, etc. and the location of the keys if unusual.
4. Create a contact information sheet with addresses and phone numbers for:
1.) Your estate planning attorney,
2.) Your accountant,
3.) Your financial advisor,
4.) The personal representative named in your Will, and
5.) Family members or the location of your address book
5. For those information stored only online, I recommend creating a single sheet with all of your passwords and other access codes. Keep this somewhere safe, possibly in a safe deposit box with a notation on the list of the location of important documents.