Monday, March 9, 2020

Creating a Legacy/Family Binder

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/

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