While it may be difficult to contemplate death, collecting your documents is a wonderful method to care for your family in the future.
While it may be difficult to consider planning for your mortality, it is necessary in order to care for your family. It may seem to be a difficult chore, but apart from drafting a few important papers, such as your last will and testament or selecting a funeral plan, the rest of your advanced planning simply entails keeping your records organized and ensuring that the relevant people know where to find them. Make sure anyone you choose as your will executor (family members or close friends) knows how to access your critical papers so they can handle your estate more simply.
Keeping your data organized doesn’t have to be complicated: it may be as easy as having a dedicated drawer or file cabinet. Starting a record keeping system might be time demanding at first, but having a regular plan and method for upkeep can make it simpler and save you time in the long run. It’s a good idea to demonstrate your file-keeping system to your estate administrator so they understand how to browse and utilize it afterwards. You may also scan or save key records electronically online so that your estate administrator can access them at any time and from any location.
In addition to preserving electronic copies of your papers, our most significant paperwork should be stored in a bank, other financial institution, or a home fireproof safe. Any record that would be difficult or costly to replace should be kept in a safe, but in general, these documents include:
Wills
Durable powers of attorney and living wills are examples of advance instructions.
Ownership records (deeds, bonds, titles, etc.)
Certificates of birth, marriage, and death
Contracts
Military documents
Personal legal papers (divorce settlements, prenuptial agreements, property settlements)
Even if you inform your executor where your papers are, it’s a good idea to leave written instructions for your survivors so they know how to access:
Your determination
Any more estate planning paperwork (like living trusts, etc.)
Your insurance coverage
Your passwords and information stored in other safe locations
You should also put your intentions for funeral preparations in writing so that your loved ones know how to prepare your memorial. If you’ve previously discussed your intentions with a funeral home or cemetery, make sure your family has access to the documentation explaining your agreement with the service provider.
While keeping tax, real estate, health, and employment documents structured is vital in and of itself, it’s also a good idea to let your executor know where to locate these papers for estate administration reasons.
