Documents Your Family Needs

Article by BPBS attorney Joseph Jaap, 513 533-2037

Each of these documents is important and should be reviewed periodically.

Wills and Trusts - Has your life situation changed since these were prepared? Has it been more than a year since you reviewed them? Nearly everyone needs a will, and a trust can be beneficial for some. Marriage, children, grandchildren, divorce, retirement, disability, and real estate purchases may be cause for review and updating. Have you provided your attorney's contact information?

Living Will, Power of Attorney for Health Care Decisions - If you do not have these basic documents, your family could suffer inconvenience and needless stress. They are inexpensive and easily prepared, but provide significant peace of mind.

Birth Certificate, Social Security Card, and Military Discharge Records - These are necessary to obtain federal survivor benefits, either originals or certified copies.

Deeds to Real Estate - Are there provisions for survivorship rights or transfer on death, so that property transfers as you intend?

Mortgages, Promissory Notes, and Loan Agreements - Have you listed account information and payment due dates?

Registrations and Titles - Is ownership current for cars, boats, trailers, and vehicles, and if old loans have been paid off, have their liens been removed from the titles?

Financial Accounts - Are account statements organized for checking, savings, money market, mutual fund, and brokerage accounts, and for certificate of deposits with current interest rates and maturity dates, with contact information for your banker or broker?

Retirement Accounts - Have you listed account information for IRA, 401-k, employer pension plan, or other retirement accounts? Is the listed beneficiary current, or might an ex-spouse or deceased family member be listed as the beneficiary?

Credit Cards - Have you provided a list of current cards you carry, with addresses and account numbers?

Insurance Policies - Have you listed policy numbers for home, life, annuity, health, disability, long term care, and automobile policies which could cover expenses, and the contact information for insurance agents?

Safety Deposit Box - Have you provided location, box number, and key? Have you provided an inventory listing documents and other contents? Have you granted access rights to any family members? Court approval may be required to access the deposit box of someone who has died, so documents that may be need immediately or routinely, and do not require the security of a deposit box, should be kept elsewhere.

Combinations and Passwords - Have you provided safe and lock combinations, and passwords to computers and on-line accounts?

Tax Records - Are your federal and state income tax returns organized, with amounts and due dates for any estimated tax payments, and contact information for your accountant?

Business Records - If you own a business, are any partnership, operating, or buy-sell agreements accessible and up to date?

Final Arrangements - Funeral and burial instructions, cemetery deed, contract, or prepaid funeral documents.

Life can be complicated. If you need any help in making changes to any of these documents, contact your attorney, or call any of us here at BPBS if you have questions.