It’s always good to be reminded to do the things we plan to do – but did not yet do.
Years ago – many, many years ago, when I was in the life insurance business the only “secret information” was the combination to a safe, or where the key was to a safe deposit box.
Now, most of us have dozens, if not hundreds, of passwords for personal and business use. We have all kinds of accounts from banks to crypto wallets.
When looking at my own situation I have close to twenty different checking accounts because of the various properties and investments.
If you, or I, were incapacitated tonight, who could even open your computer? Who could access your social media sites, LinkedIn, or your bank accounts? Who could find the keys to your car?
Especially if you live alone, consider informing a trusted friend or relative how to locate a list of your important information. That also means you need to create a list of that important information! Put it in a “hiding place” with instructions on how to access it.
This list should cover accounts at/regarding:
- Banks
- Investment houses, brokerage houses
- Reward sites
- Loans
- Credit cards
- Safe and/or safe deposit box(es)
- Address books
- Unpublished manuscripts
- Money owed to you
And include:
- User names, combinations, passwords, PINS, and other codes
- The location of any offsite storage facilities
- Contact information for landlords or tenants, vendors, workers, employees, or contract people.
- Domestic helpers
- Accountant(s), attorney(s), doctor(s), banker(s), etc.
- The location of physical keys for rooms, closets, bank boxes, vaults, cars, lockers, and so on.
You could write it like, “If I get hit by a truck, look for the envelope taped to the bottom of the sock drawer” where the important information will be found. It can be paper, a flash drive, or a folder and can remain private and updated, moved, or destroyed whenever you choose, without ever visiting an attorney.
All of my tax returns are digital and password protected on my password protected, face recognition computer. My estate planning documents are in a fire-proof safe along with the computer’s external backup drives that are updated daily.
What are you doing to make life easier for your next of kin?
To Your Prosperity,
Rennie
