Part 3 - Important documents
Now that you have taken the time last week to record your statistical information let’s move onto key documents. We’ll call them the fundamentals of Estate elements. Ensure that someone knows where you keep these documents. Are they in an actual safe in your home? Does someone have the combination to said safe? Are they in a family bible? A desk drawer? There’s nothing worse than a loved one stressing, trying to find where you could have possibly kept your important documents.
Critical documents will fall into one of three categories: A Will, Insurance (s), and Other.
Last Will and Testament:
- Do you have a Will? Is it up to date?
- Where is the actual document located? You, your lawyer (if you have one) and your Executor should each have a copy
- Who is the Executor of your Will and what is their contact information?
- If you have a lawyer, what is their name and contact information?
Life Insurance:
- If you have a Life Insurance policy where is the actual document kept?
- Who is the Insurer? What is the Agent’s name and contact information?
- What type of coverage is there?
- Who is the Beneficiary of the policy?
Disability / Critical Illness / Long-term Care Insurance:
- You may have this type of policy through your employer, your bank or with a credit card company
- Who is the Insurer? What is the Agent’s name and contact information?
- What type of coverage is there?
- Who is the Beneficiary of the policy?
Other Insurance:
- Do you have other insurance policies for things like:
- Health, Home, Auto, Travel, Mortgage etc
- You should have copy of each policy
Other Documents:
- You should have at least photocopies of each and they should be kept in your “safe place”
Your Birth Certificate / your children(s) Birth Certificates / Marriage Certificate or Cohabitation Agreement / Divorce Certificate / Custody or Adoption records / Citizenship and or Passport / Loans or mortgages / Vehicle ownership / General Banking information / Investments / Cemetery and or Funeral Arrangements
You may be surprised at the amounts of documents that you’ll need to locate and photocopy. Use the above list as a check-list and add in anything else that you may feel pertinent. Once everything has been assembled you might think of purchasing an inexpensive accordion style folder to hold it all. That way, as documents are up-dated it will be easy to replace an expired document with a current, valid one.
Happy hunting and don’t forget to come back to read Part 4 on April 25, 2022!