Dear Savvy Senior: My wife and I would like to get our personal and financial affairs in order so our kids will know what’s going on if we get sick or die. What tips can you offer? — Procrastinating Paul Dear Paul: Organizing your key information and getting your personal and financial affairs in order is a great gift to loved ones.
The first step is to gather up all of your important personal, financial and legal information so you can arrange it in a way that will benefit you and your loved ones.
Then you’ll need to sit down and create various lists of important information and instructions. Here’s a checklist to use:
Personal information
Contacts: Make a master list of names and numbers of close friends, clergy, doctors and professional advisers such as your lawyer, accountant, broker and insurance agent.
Medical information: Include a list of medications you and your spouse take, along with any allergies and illnesses.
Personal documents: Include your birth certificates, Social Security cards, marriage license, military discharge papers, etc.
Secured places: List all the places you keep locked up or protected by password, such as safe deposit boxes, safe combination, security alarms, etc.
Service providers: Provide contact information of the companies or people who provide you regular services such as utility companies, lawn service, etc.
Pets: If you have a pet, give instructions for the care of the animal.
End of life: Indicate your wishes for organ and tissue donation (see organdonor.gov) and write out your funeral instructions. If you’ve made pre-arrangements with a funeral home, include a copy of the agreement, contact information and whether you’ve prepaid.
Legal documents
Will, trust and estate plan: Include the original copy of your will and other estate planning documents you’ve made.
Financial power of attorney: This document names someone you trust to handle money matters if you’re incapacitated.
Advance health care directives: These documents (see caringinfo.org) — a living will and medical power of attorney — spell out your wishes regarding your end-of-life medical treatment.
Financial records
Financial accounts: Make a list of your bank accounts, brokerage and mutual fund accounts and any financial assets you have.
Debts and liabilities: Make a list of any loans, leases or debt you have — mortgages owed, loans, bills and credit card debts. Include 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 administrator.
Insurance: List the insurance policies you have, including the policy numbers, agents and phone numbers.
Property: List real estate, vehicles and properties you own, rent or lease and include documents such as deeds, titles or 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. Be sure to review and update it every year.
If you need help, get a copy of “12 Critical Things Your Family Needs to Know.” This is an excellent 60-page workbook available at 12criticalthings.com.
