20 August 2014

If you really love your children, you’ll do all the paperwork in time”.

It’s recommended to gather all financial information your heirs will need after your death: will, mortgage contract, trust data, all investment or other financial accounts, legal contacts, etc. You can keep it in electronic file, serving as a guide to where your relatives can find the original paper documents. In the same time, you can gather all the documents in a box, like many law attorney David Cutner’s clients do.

Another extremely important thing is that you have to tell your relatives you’ve gathered all the necessary information and explain to them where it can be found. You may give its to them at once or keep in the safe place far from caregivers and potential scammers.

The will

Of course, the main document is a copy of your will (the latest version) and contact details for the attorney who drew it up and the executor. If you have any trust documents, you need to gather them as well.

All financial accounts

It’s important that your heirs know everything about your account information, including even utility bills and tax returns. Please, note that knowing passwords for your online accounts is not as necessary as naming another person on all key accounts beforehand. As a result, if your relatives need to make a mortgage payment they don’t have to wait until the situation clears up.

The problem is that children often use their own assets in order to pay taxes or make mortgage payments when the last parent dies.

For the same reason you need to sign another person for a key to your deposit boxes or home safes (if you have any). Give the detailed information on where other valuable things are hidden so that the relatives wouldn’t throw them away by mistake.

Survivor benefits

There are strict rules on pensions and insurance plans payout, so it’s necessary to leave detailed information about the policies. Insurance information includes life insurance, car, home and boat insurance etc.

Yes, gathering all the insurance documents can take a lot of time and strength, but it’s worth it.

And the last but not least – always consult a lawyer and have your will prepared, doesn’t matter if you consider yourself wealthy or not so much!


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