Family members that survive the death of a loved one need all the help that they can get. Stress and emotions are higher in this process. So, helping family members by setting up your financial files for your estate before your death is a wonderful way to give back to your family after you have gone. Today, we are sharing four areas to organize when setting up your estate planning. It shows them how much you care for them without being here to help them.
Here are four(4) areas to organize in your estate before you die to help the process go more smoothly for your loved ones.
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Bank accounts
File your bank account statements in the right file where it is easier to find. Keep your paper and Quicken register in order and up-to-date. Be sure to have a list of all your critical online accounts including your login information and who to contact. Keep Credit cards in one place so they can find them. They will need to cancel all your credit cards. Safe Deposit information should have another person's name on it. So they can get into the box after you are gone.
Investment accounts
File your statements by account number. Have a list of your accounts and contact information for your broker in a safe place.
Insurance papers
Keep your insurance papers together by type, (auto, life, home), keep them in a fireproof safe.
Legal documents
Keep your will, living will trust, and other necessary legal documents in a fireproof place or a security box at your bank. You can also give a copy of this document to a trusted person as well, as a backup.
Below is the important document list of items that should be kept safe. These estate planning items above should be stored in this safe place as well.
Remember, the "safe place" should be fireproof and waterproof if possible. Check out our How to Organize Important Documents in a FireProof Safe for tips.
Above all else, be sure someone knows and has access to where all these documents are. It will help them find the paperwork when they need it. They will truly appreciate it.
Visit our series on organizing estates for your parents to get even more valuable tips.
I know this is a morbid topic but keep in mind that it will not only help you find things when you need them but it will also help your relatives deal with your estate much more smoothly and therefore reduce their stress dealing with the process. If you need help organizing your financial papers, consult a professional or contact a Professional Organizer to help you get your papers for your loved ones and you in order.
Read more from other experts to help you organize your estate planning.
12 Documents to Organize Now—Before It's Too Late
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Kathy Vines
I'm grateful that my parents and my inlaws "get it" that this information is just as important to us as the wills and other papers they have. It may be a morbid discussion, but I always assure people: No one wants anyone to suffer and struggle even more than the mere loss of a loved one will bring.
Linda Samuels
Death is part of life. And getting your papers and estate in order in advance is one of the best gifts we can give our loved ones. I've been on the receiving end of this process both with my family and also going through it with clients. There have been so many different scenarios. In the worst case, the stress caused to the living relatives trying to "find" everything was horrendous. In the best scenarios, the person that had passed had put all their affairs in order leaving on questions or hunting for things involved. And of course, there were other scenarios that were somewhere in between. I am so grateful to my in-laws and my parents for putting certain things in place. Grief is hard enough without having to also organize your deceased loved one's life.
Julie Stobbe
I think passwords for closing online accounts is my biggest concern. I keep track of mine but other family members are not as diligent as me.
Seana Turner
It seems morbid, but if you can deal with these issues when you are healthy and things are good, it is so much easier. There isn't that weight of impending doom that hovers when there is a serious health crisis also at play. My husband and I need to work a bit on this.
Sabrina Quairoli
I understand it is morbid but looking at these areas and making sure they are organized and maintained will help your executor and family in the long run. I know first hand how much easier it was to deal with my dad's more organized estate than my mom's estate.