What Should be in Your Legacy Binder
Your Last Will and Testament
Normally,
you will have one copy at home, and another on file with your
attorney. The binder should indicate where in the home it’s
located, and who the attorney is, complete with contact information.
Health-Care
Personal
and family medical history, Durable health-care power of attorney,
Authorization
to release health-care information, living will, do-not-resuscitate
order.
Other Important Legal Documents
Any
trust documents. Other documents might include a copy of any divorce
decrees, legal agreements, or property deeds. It should probably also
indicate the location of documents pertaining to bankruptcy or
lawsuits, even if they were settled long ago.
Insurance Policies
Life
insurance policies. Include all life insurance policies you have, no
matter how small.
The
binder should also indicate the location of other insurance policies,
such as auto, health, homeowner’s and even business policies.
Bank and Credit Card Information
This
should include a list of both bank accounts and credit cards. You
should list the institution, the location, contact information, and
of course account numbers. Then add the location of where the most
recent documents are stored. Safe-deposit box information.
Investment Account Information
You
should provide a list of any active accounts, as well as contact
information and account numbers.
The
list should include taxable investment accounts, mutual funds, stock
or bond certificates held, retirement accounts, IRA’s, 401k
accounts, pension documents, annuity contracts.
Benefits Information
You
should include information related to your employer, any benefits
they offer, as well as contact information. This can be especially
important in regard to pension plans, since there may be spousal
beneficiary provisions.
If
you’re already collecting retirement benefits, including Social
Security, include any recent information, including award letters
and/or recent 1099s for tax purposes.
Income Tax Returns
You
probably have a storage drawer where you keep copies of recent tax
returns. Or maybe you have digital storage media. Your binder should
indicate where this drawer or media is located.
Home Related Information
Include
the location of the deeds to any property that you own, as well as
any mortgage documents related to those properties. It would also
help to periodically update mortgage account statuses, to reflect the
most recent balances. Again, include the name of the lenders, contact
information, and account numbers.
Add
utility information. This can include providers, contact information,
and account numbers for companies providing electricity, gas, cable,
water and sewer, and trash. If you live in a homeowner’s
association neighborhood, include contact information for the HOA
board, as well as the amount of the monthly, quarterly or annual HOA
dues. Include any automatic payments & what accounts they come
out from & when.
If
you have a lawn care or snow removal service, contact information
should also be provided, as well as the basic fee structure and
agreed-upon service levels.
Usernames and Passwords
You
should provide a list–updated regularly–of the usernames and
passwords for any accounts you have.
Include
the credentials for any online services you use. That can include
bank accounts, investment accounts, loan accounts, utilities, benefit
plans, or even informational services.
Make
a list of all services you use that require usernames and passwords,
over at least a 90-day period. That will probably enable you to
produce a complete list. But plan to update the list at least once a
year, or anytime you change credentials in the meantime.
List of Locations of Personal Affects and Instructions
You
probably have certain important and/or valuable mementos. This can
include jewelry, photos, personal correspondence, or valuable
personal items. Your list should indicate where these are located,
why they’re important, and if they have any significant monetary
value.
You
can use this list as a kind of catchall for any important information
that isn’t disclosed in the categories above. Think about what you
have that’s important, but not entirely official. If it’s
important to you, it could be important to your loved ones after your
death.
Source
of most of the above -
https://www.choosefi.com/why-you-need-a-legacy-binder/
