Your estate plan is only as effective as the people you choose to help you carry it out. Choose wisely and organize your financial information in ways that make carrying out your plans as easy as possible.
Think about it. You maintain a massive amount of information about your life in your head, in your desk, in your file cabinet, and in your computer. Now suppose that you were unable to tell people where everything was kept. Would they be able to find information quickly about your life, homeowners, or health insurance? Your mutual funds? Your pension? Your credit cards? Your estate planning documents?
We have prepared a tool, to help you keep track of all of your assets, liabilities, and other important information. This tool is an estate planning binder. By you updating the binder regularly, you will make a dramatic difference in helping others settle your affairs if you become incapacitated or if you were to suddenly die. The binder will also help you when you need this information — whether you are filing a tax return, making an insurance claim, or even sending out change-of-address notices after a move.
Documents that are difficult or impossible to replace should be stored where the danger of destruction by fire or other accidental means is minimal. A fireproof safe might be a worthwhile investment, keeping in mind that there may be a delay in gaining access to a safe-deposit box. Some items on the list, such as your will, should be kept in more than one location. For example, the original might be kept in your safe-deposit box, and a copy with a loved one.
Recordkeeping can simplify so many things for your loved ones, should they need to assist you in organizing your affairs should you become ill, or take over your affairs should you die. It is a valuable tool in keeping track of your own affairs, especially should memory fade in your older years.
Because it is such an important help and valuable timesaving tool, the Law Office of Barney, McKenna & Olmstead will provide you with a comprehensive Estate Planning Recordkeeper. In it you can log your important information, then provide copies to trusted family members, or keep it in a known location in case it is ever needed. Simply call our office and we will send or email you one, free of charge.
Jeffery J. McKenna is a local attorney serving clients in Nevada, Arizona and Utah. He is a shareholder at the law firm of Barney McKenna & Olmstead, PC, with offices in Mesquite and St. George. If you have questions you would like addressed in these articles, you can contact him at (435) 628-1711 or jmckenna@barney-mckenna.com.