Make list, update often

/ September 5, 2011

Blank Notepad & Cup of CoffeeList of Assets and Information with their Estate Planning documents.  The list should include the following items:

  1. The institutions that hold your bank accounts and life insurance policies,
  2. The contact information for tax and financial advisors,
  3. The location of important documents (deeds, contracts, business or entity formation documents),
  4. List of debts and/or receivables,
  5. Any information necessary to access online accounts (photo and social media accounts, websites or blogs owned by the client), and
  6. 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