It’s not something that many people like to talk about – but will your family know what to do and where to start with important financial information in the event that something happens to you? It’s not uncommon for an unexpected emergency or death to take place, and often times a spouse or child doesn’t know where to turn when it comes to a loved one’s financial wishes. They don’t even know where to start. Sound financial planning means having a plan for your family, from communicating your financial wishes to organizing and centralizing key information.
Here is a checklist of information and documents that should be at your family’s fingertips. To make things easier, consider including all account information in a single document or place them all in a binder.
- Your will/trust
- Written decisions about services, choice of burial/cremation, pre-paid plans
- Safe deposit box key and location of box
- Birth and marriage certificates, as well as divorce decrees
- Mother’s maiden name, father’s name and places of birth
- Veteran’s affairs records, including discharge paperwork for armed forces
- Life, long-term care and disability insurance policies
- All employment-related benefits
- Social Security information
- Bank account numbers
- Any outstanding debt, including mortgage and promissory notes to others
- Partnership and business agreements
- Investment and brokerage accounts
- Pension records and retirement information, including records from previous jobs.
- List of your digital assets with passwords
- List of personal items to go to individual beneficiaries and why. If possible, have all beneficiaries pre-sign/agree to this list and file this with your legal papers.
- Names and numbers of professional advisors, including attorney, executor, trustee, investment advisor, insurance agent, CPA
Financial concierge services offered by some investment firms provide this level of organization and assistance in the event that something happens to you are a loved one. They act as your personal financial assistant, managing and helping you streamline financial complexity in your life. For more detail on our financial concierge and other services, click here.