Will Your Legacy Be A Financial Or Legal Mess?

Most of us would be aghast at the thought of leaving behind a legal or financial mess for our survivors to clean up.

Yet, that’s exactly what a lot of us do. And in the process, we can make our survivors’ lives – when they’re already in mourning – a living hell.

In most households, one person pays the bills (and the other is extremely thankful that it’s not them!). When the bill-payer passes away, however, the survivors often have to scramble madly – while they’re still crying – to figure out which bills are paid, which are not, which drawer is for bills, who’s the insurance agent, etc., etc., etc. None of us would want to lay such a burden on our survivors. Yet, that’s exactly what too many of us do.

If you’re the bill-payer, you have to leave your survivors with this type of information! For example, do you want them to run the risk of having the electricity shut off?

Before you get any older, you need to…

• Organize your financial documents. Leave behind clear information on contact phone numbers, online passwords, online security questions, etc.
• Tell your spouse where the wills are. Where the trusts are. Where the insurance information is. Where your Social Security cards are. Where the birth certificates, medical records, and tax records are. Where the names of your doctors, attorneys, and insurance agents are.
• Create a list of assets (bank/brokerage accounts, safety deposit boxes, property) and liabilities (credit card debts, mortgages, car payments, etc.). Don’t forget to note, on this list, where these assets are!
• Identify all sources of income and expenses. Note whether you pay a bill by paper or online.
• Document any other miscellaneous information that your spouse might need…where you keep the spare keys (house, safes, etc.). Computer passwords. Locations of flash drives or CDs with old family pictures—even a basic household maintenance checklist.

Your death will be the toughest thing your loved ones have ever had to endure. Don’t make it any tougher on them.

For your family’s sake…plan ahead.