Most families don’t have these talks until after the fact. Have you ever wondered what would happen to your family if you were suddenly gone? Would your loved ones know what to do and how to handle things properly? Do they even know your wishes? Would you leave them well prepared?
What to do Now
The best (and easiest) thing you can for your loved ones is to write a “love” letter to serve as a roadmap for guidance through important matters. Below are some topics that you might want to include in your letter:
- A list of all banks you do business with and include the account numbers, contact person and phone number.
- The location of important documents such as your will, the deed to your home, your car title, life insurance policies and any other insurance policies, tax returns, financial account documents, retirement plan statements, birth certificate, social security card, passport, etc.
- The location of your safety deposit box and the location of the key.
- Contact information for your attorney, accountant, financial advisor, insurance agent, etc.
- List any passwords and logins that they will need to get into your accounts.
- Listing of all bills and creditors and when they need to be paid.
- Last, but not least, your final wishes for burial or cremation, organ donation and charitable contributions in your memory.
You will probably want to update this letter annually as some of these items will change periodically. The letter needs to be kept in a safe place and you need to let your loved ones know where this letter is kept, “just in case”.
We, at The Trust Company, are happy to assist you in planning for your family’s future. Your legacy is important for the next generations. We have had the priviledge of learning from many people who have created wonderful legacies for their families, and we would be honored to help you do the same for yours.