If you are like many people, you probably do not want to think about life after your passing. As unpleasant as it may seem, a little forethought can save your loved ones significant stress when the time comes.
Here are four pieces of information you should record in addition to your official estate planning documents to help your beneficiaries manage your affairs.
1. Life insurance policies
Life insurance policies are peace of mind but will only accomplish your goals if your beneficiaries know about them. Write down a description of each policy so that your loved ones know where to collect. You may also have a small amount of complimentary AD&D coverage from your employer, bank or credit union, so be sure to include this information.
2. A list of recurring bills
If you are the primary billpayer for your household, there is a good chance no one will know what needs paying after your passing. Keep a current list of your bills, including the company, amount paid, frequency and payment method.
3. Login information for accounts
In today’s digital age, you likely have many online accounts. Try to record your username and password for vital websites such as utilities, mortgage, loans and banking.
4. Locations of important documents and valuables
Include the whereabouts of important documents and valuables, especially if your beneficiaries do not know the value of your collection. Doing so can prevent a scavenger hunt or the unintentional relinquishing of high-worth items.
Recording these four pieces of information can significantly benefit your loved ones. It may be challenging to get started, but your family will be glad you did.