Master list of information should be reviewed, updated yearly.
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I would like to get my personal, legal and financial information organized so my children can assist with my affairs when it is necessary. Can you offer any tips on the best way to do this?
Organizing your important documents and getting your personal and financial affairs in order is a smart idea and a wonderful gift to your loved ones. Here are some tips to get you started.
Get Organized The first step is to gather up all your important personal, financial and legal information in a way that will benefit you now and your loved ones later. Take time to create lists and easy-to-follow instructions outlining how you want things handled when you pass away or become incapacitated. Here is a checklist of areas you need to focus on.
PERSONAL INFORMATION
Contacts: Make a master list of names and phone numbers of close friends, doctors and professional advisers such as your lawyer, accountant, broker and insurance agent.
Medical information: Include a list of medications you take, along with any allergies and illnesses.
Personal documents: Include items such as your birth certificate, Social Security card, marriage license and military discharge papers.
Secured places: List all secured storage locations, such as safe deposit boxes, home safes and security systems, along with access/password details.
Digital assets: Make a list of all your digital assets, including everything from social media accounts to online banking and utilities accounts. The list should include usernames and passwords.
Pets: If you have a pet, write down instructions for the care of the animal.
End of life: Indicate your wishes for organ and tissue donation and write out your funeral instructions. If you have made arrangements with a funeral home, include a copy of the agreement, contact information and whether you have prepaid or not.
LEGAL DOCUMENTS
Will, trust and estate plan: Include a file with the original copy of your will and other estate-planning documents.
Financial power of attorney: Ensure that your estate planning documents include this document, which designates someone you trust to make financial decisions on your behalf should you become incapacitated.
Advance health-care directives: This document includes a living will and medical power of attorney, which spell out your wishes regarding medical treatment if you become unable to make decisions. Provide copies to your doctor and your health-care proxy.
FINANCIAL RECORDS
Financial accounts: Make a list of all your bank accounts, brokerage and mutual fund accounts, and any other financial assets you have.
Debts and liabilities: Make a list of any loans, leases or debts like mortgages, car loans, student loans, medical bills and credit card debts. Also make a list of all credit and charge cards, including the card numbers and contact information.
Company benefits: List any retirement plans, pensions or health benefits from your current or former employer, including the contact information of the benefits administrator. Include beneficiary designations if applicable.
Insurance: List the insurance policies you have (life, long-term care, home, auto, Medicare, Medigap, prescription drug, etc.) including the policy numbers, agents and phone numbers.
Property: List real estate, vehicles and other properties you own, rent or lease, and include documents such as deeds, titles and loan or lease agreements.
Taxes: Include the location of your tax records and your tax preparer’s contact information.
Keep all your organized information and files together in one convenient location, ideally in a fireproof filing cabinet or safe in your home. Additionally, ensure you review and update your information every year, and remember to tell your children where it is located.
“Savvy Living” is written by Jim Miller, a regular contributor to NBC’s “Today Show.” The column, and others like it, is available to read via The American Legion’s Fund Development program, a way of establishing your legacy of support for the organization while providing for your current financial needs. Consider naming The American Legion in your will or trust as a part of your personal legacy. Learn more about the process, and the variety of charitable programs you can benefit, at legion.org/plannedgiving. Clicking on “Learn more” will bring up an “E-newsletter” button, where you can sign up for regular information.
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