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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.