Practical Pointers: Estate Organization

When your children were young, you were constantly cleaning up after them, right?

You would ask them to clean their rooms, pick up their socks and put their dinner plates in the dishwasher (or maybe even get them to wash the dishes!). As they grew older, they started to assume greater responsibilities and learned that not helping out meant more work for you. As your children married and had children of their own, they likely started to think about the future and how to help you and their children. As it stands now, there may be very few “messes” to clean up, but life circumstances can change without warning. Do not leave a mess for your loved ones if you become incapacitated and when you pass away.

Have you organized all of your financial and legal documents? Would your children be able to pick right up where you left off when something happens to you? If yes, then congratulations, but keep everything up-to-date. If no, then there is no time like the present.

Where’s Your Stuff?

Even if you are a model of personal organization, you still need to let your loved ones know where all of your important documents are located. That includes estate planning documents like your will and any trusts; financial documents (like investment statements, insurance policies, bank accounts, pensions and retirement accounts), and legal documents (such as the title to your home, vehicles and any other property).

Make a List

Make a detailed record of your important documents and assets. Make sure your loved ones know where you keep the list … and keep it current. Also, consider including these practical matters:

  • A list of your important professional contacts including your doctor, banker, financial advisor, insurance agent, clergy and estate planning attorney;
  • The type of funeral arrangements you have made or would like made;
  • A list of the items in safe deposit boxes, in safes and in any other locked or hidden away places;
  • The combinations and location of keys to any of your secure storage spaces;
  • A family history; and
  • The location of photographs, heirlooms, and other irreplaceable items.

The more details here, the better.

Practical Pointers

When you are ready to thoroughly organize all of your affairs, you must first have a clear and easily accessible system to guide your family and friends. This can be as simple as a spiral notebook or an inventory program on your computer. Regardless the storage medium you choose, store it in a safe place. For example, if you go the notebook route, consider keeping it and all of the important documents in a fireproof metal box or home safe. The second part of this task is to be sure you tell key individuals about your new records. This list should include your estate planning attorney, your designated executor or trustee and your loved ones.

Closing Thoughts

You taught your children to pick up after themselves starting at a very early age. Continue to lead by example: get (and keep) your personal financial and legal affairs organized now to avoid messes later. After all, your family members are the most important people in your life. Do not delay!

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