List of Assets and Information with their Estate Planning documents. The list should include the following items:
- The institutions that hold your bank accounts and life insurance policies,
- The contact information for tax and financial advisors,
- The location of important documents (deeds, contracts, business or entity formation documents),
- List of debts and/or receivables,
- Any information necessary to access online accounts (photo and social media accounts, websites or blogs owned by the client), and
- Funeral and burial information.
Having access to this information will allow a Personal Representative to locate and inventory all of a deceased person’s assets. It will also assist family members who need to make decisions about memorial services. Making this list is a very practical way to minimize the effort required of the fiduciaries named in estate planning documents. This list has sensitive information and should be kept in a safe place but it should also be easy for a fiduciary to find when needed. I recommend updating the list on an annual basis – maybe at the same time a client reviews his or her tangible personal property list.
Photo by Yortw on Flickr
