Posts tagged ‘investments’
Do you know where your will is? Crucial documents + information everyone should update annually.
I always urge my estate planning clients to compile the following information – and update it annually. Doing this as you gather information for your tax return is ideal – just add to your ‘to-do’ list for the first quarter of each year.
Having this information in a location accessible by your appointed power(s) of attorney and executor(s) will save incredible amounts of time, and possibly expense, should access be required. Note that this information should be kept in a secure location – if this is an institutional lock box, then make sure that someone in addition to you (and your spouse, if married) also have access.
DO NOT disseminate this information along with copies of powers of attorney and will documents, as it contains sensitive data that should be kept securely and updated at least annually.
(1) A list of key references
(a) Contact information for accountant, attorney, insurance agent
(b) Location of birth certificates, marriage license, financial records
(c) List of user names/passwords for all accounts
(2) Investments
(a) Detailed tabulation by security, to include the following:
(i) owner’s name
(ii) current value
(iii) cost basis
(iv) beneficiaries (if any)
(v) tax status (e.g. taxable, tax-exempt, tax-deferred)
(vi) account number(s) and contact person
(b) Record of each bond or certificate of deposit (CD)
(i) divide each record and organize by category (e.g. EE, I, Muni)
(ii) call or maturity date
(iii) current yield
(3) Social Security: directions on how to notify SSD upon the death of a spouse, and a record of what benefits are expected.
(4) Pension: whom to contact at the company and what the revised pension amount will be.
(5) Estimated income tax: provide a rough estimate to ensure that withholding is appropriate.
(6) Insurance: summary of each policy, to include the following:
(a) Policy number
(b) Death benefits
(c) Contact at company
(d) Any details re: medical insurance policies that will continue for the surviving spouse
(7) Estate documents:
(a) Will:
(i) With the will, keep a current list of the various people who may be needed to assist: attorney for probate, trustee for testamentary trust, accountant to prepare estate return
(ii) Keep the original documents in a location that may be accessed by someone in addition to the spouses; give copies to all people who are named as primary or alternate executors and trustees
(b) Powers of attorney (general and health care) and living will: keep copies in a location that may be accessed by someone in addition to the spouses; give copies to all primary and alternate powers of attorney and discuss with them any particular wishes you may have in regard to your health care and advance directives.
