Personal Records You Should Have Readily Available In Case Something Happens to You
In the daily hustle and bustle, organizing important documents and preparing ourselves and our loved ones for the unthinkable isn’t always a top priority. We tend to put this important task at the bottom of the to-do list because “life” gets busy and there’s always tomorrow… right?
But what if you become ill or die unexpectedly? Will your loved ones know what to do and, most importantly, will they know where to look for important documents/paperwork to guide them through decision-making processes? Trying to locate documents and gather information while grieving is not a simple task.
At the end of an estate planning mandate with clients, I tell them that, ideally, all of their important documents/paperwork should be organized in one place, easy to find and use in time sensitive matters or grieving moments. These important documents include your Will(s), Trust(s), Powers of Attorney, Living Will, and any letters of instructions for your executors and trustees.
In addition to these important documents, here is a list of personal records you should have readily available to avoid leaving a huge burden on your loved ones:
Full legal name and any nicknames used
Social Security Number
Residence address
Date and place of birth
Addresses of spouse and children
Employers and dates of employment
Education records
Contacts for close friends and professional advisors
Memberships
Medications taken regularly
Registered Certificates (marriage, divorce, citizenship, adoption, etc.)
Agreements (cohabitation, marriage, separation, shareholder, partnership, etc.)
Financial records with any source of income
List of assets
Names of banks and account numbers
Most recent tax return
Mortgage and debt information
Insurance information
Funeral and/or burial instructions
Having these personal records readily available for your loved ones in case something happens to you will greatly help them during difficult times.
Hoping that this has brought important issues to mind and that you take time to sit down and plan for the inevitable. Please feel free to share suggestions and ideas with each other in the comments section below.
