Nobody really wants to think about what happens after they die, but those left behind will have to deal with what is left (after all, you cannot take it with you)! I know that none of us want to think about these situations but the time to think about these is when times are good and your are healthy, and not in the middle of a crisis. So why not prepare your loved ones for that eventual time?
Let someone you trust know about what you have and where your important papers are located. These are things such as financial and investment accounts, where your Will is located, and things like that. I have a relative who did this with me, and if something happens to him, I will know where to find anything needed to take care of his estate.
Prepare by Writing Information Down as an Alternative
If you don’t feel comfortable sharing all of the details, then write them down in a notebook or workbook (such as the MemoryBanc workbook) and tell the person where to find that book if it is ever needed. This book should contain everything that someone would need to run your house or deal with your estate if something happens to you.
This workbook should contain where you keep important papers, all of your credit card information, all of your investment accounts, checking, savings, etc. accounts. Document all of your web sites with login, passwords, and security questions and answers. It is even helpful if you document who you use for repairs on the house (HVAC, plumber, electrician, car maintenance place, etc.). Sometimes this can seem overwhelming to do yourself, and want someone else to work with you to get this done. As a daily money manager, I can help work through this with you as a project so that it doesn’t seem as overwhelming. Contact me for more information.
In another post we’ll take on more things you can do to help your family support you when that is necessary.