3 Steps To Get Your Financial Documents In Good Order for Your Loved Ones

Wondering what paperwork you need have at the ready for your spouse or children so that when you pass you don’t leave behind a collection of mysteries for them to solve? Here’s what you’ll need:

 STEP #1
Create a Financial File

Function is More Important Than Form

Many heirs spend days, weeks, or months searching for a decedent’s financial and legal documents. They may even discover a savings bond, a certificate of deposit, or a life insurance policy years after their loved one passes. So, your first step is to create a financial file. Maybe it is an actual accordion or manila folder; maybe it is a file on a computer desktop; or maybe it is secured within an online vault. Clients of Weiss Financial Group can use their Secure Client Portal. The form matters less than the function. The function this file will serve is to provide your heirs with the documentation and direction they need to help them settle your estate.

STEP #2
Put The Right Stuff in The File

Your Heirs Will Need to Supplement the File

Now that you’ve chosen your filing system, it’s time to start putting the right stuff in it. Here’s what should go it in it…

Your Financial File Contents:

  • Your Will
  • Durable Power of Attorney
  • Healthcare Proxy
  • Trust Instruments
  • Insurance Policies
  • List of Financial Accounts
  • Usernames & Passwords
  • Contact info for your financial professionals

Your heirs will want to supplement your “final file” with contributions of their own. Perhaps the most important supplement will be your death certificate. A funeral home may tell your heirs that they will need only a few copies. In reality, they may need several – or more – if your business or financial situation is particularly involved.

STEP #3
Tell Your Heirs About the File

It Will Do No Good if Nobody Knows About It!

Be sure to tell your heirs about your “final file.” They need to know that you have created it and they need to know where it is. It will do no good if you are the only one who knows those things when you die.


Sources:

  1. This material was prepared, in part, by MarketingPro, Inc.
  2. marketwatch.com/story/13-steps-to-organizing-your-accounts-and-assets-2016-03-03 
  3. reuters.com/article/us-retirement-death-folder-idUSKBN0FK1RW20140715

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