I’m sharing a real email I sent my Dad recently. He sought
my advice about how best to prepare a list of his financial information so I
would have it if he died or became disabled. This is right up my alley,
so I happily complied and now want to share.
First, some background on my family. Dad is a retired
physician. He is in his early 70s, healthy, responsible, and fully
capable. Mom died many years ago and Dad is unmarried but in a long-term
relationship. I have one brother. He and I are responsible, close,
and similarly situated.
Like most dads, mine does not like to take advice from his
children. (The fear of dying on an extended European cruise seems
to have led him to go against his better judgment!) Listing
financial information, and keeping the list up-to-date, is not an easy task for
any of us. Discussing the process with family members can be difficult
too. Hopefully, my email outline will help your family.
Dad –
I suggest you make a list of your financial information and try
to keep it current. It can be in an Excel spreadsheet, Word document, or
even just handwritten. Since keeping track of information can be
burdensome over time, keep it simple. I would maintain an electronic AND
a hard copy of the list somewhere where we would look if you died or lost
capacity. It shouldn’t be locked in a safe or safe deposit
box. I encourage you to continue to get paper statements for all
accounts, including all credit cards and bills.
Here is what you should put on the list. I am making some
assumptions about what you own, so please add to this if I am missing any
unusual assets.
ASSETS
List all Bank, Brokerage, Non-Retirement Investment, Pensions
and Retirement accounts. For each account list the following 4 things:
(1) The name of the Institution/Bank; (2) The account number; (3) How the
account is titled. Is it in your individual name? Is it in the name
of a Trust? Is it owned jointly with someone else? (4) If the account has
a beneficiary, who is it?
Be sure to include on the list any accounts titled in the name
of Mom’s Trust.
List all Life Insurance Policies. For each policy list the
following 5 things: (1) The name of the life insurance company; (2) The policy
number; (3) Who owns the policy. Is it owned by you or by a Trust? (4)
Who is the beneficiary? (5) The location of the policy, if you have it.
List any important additional information about your assets,
including a safe deposit box, tangible items or stock certificates stored
elsewhere, and the title to your car. Please list the item, location and
information needed to access it.
LIABILITIES
List all Mortgages, HELOCs, and Car loans. For each
account list the following 2 things: (1) The name of the Lender; and (2) The
account number
List all Credit cards. For each card list the following 3
things: (1) Name of the credit card company; (2) The account number; (3) Is the
amount due paid automatically?
HEALTH CARE INFORMATION
List your Medicare Number. List your Supplemental
(Medigap) Health Plan and Member Number. List your Long Term Care
Insurance carrier and Account Number. Where is the LTC insurance policy
located? List name and contact info of Primary Care Physician.
ADVISORS
List name and contact info of Estate Planning Attorney and
location of original Estate Plan documents. List name and contact info of
Accountant. List name and contact info of Financial Advisor.
DIGITAL ASSETS
Try your best to keep a list of usernames and passwords for your
online accounts. This should include bank/investment accounts you manage
online, credit cards, email accounts, photo accounts, service/shopping accounts
(like Amazon, Netflix, etc.), and social media accounts (like Facebook).
Do your best on this! It is hard to keep up to date. I struggle
with this too. I don’t think it is essential (or even possible) for it to
be perfect. If you have a Master Password for Phone or Computers, be sure
to put that on the List.
Rachel
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