Could Your Family Find Everything?
Could Your Family Find Everything?
No one likes to think about this but, if something happened to you tomorrow, would your family know where to find everything that matters? It's an uncomfortable question, but it's one that every family must consider. Many people assume their spouse, children or executor could easily step in and handle their affairs. In reality, many families discover too late that important accounts, passwords, policies and documents are scattered across different locations, creating confusion during an already emotional time.
One of the most important steps you can take is to create a complete account inventory. This should include bank accounts, retirement plans, investment accounts, insurance policies and any other financial assets you own. Equally important is documenting how trusted individuals can access this information when necessary. After all, an account list isn't very useful if it's locked away in a place where no one can access or stored on a device that no one can unlock.
Digital assets deserve special attention. Today, much of our lives exist online. Family photos may be stored in cloud services, important communications may reside in email accounts and some individuals own cryptocurrency or other digital assets. Without a clear plan for accessing these accounts, loved ones may permanently lose valuable memories or financial resources. Taking the time to document these assets and their access procedures can prevent significant headaches later.
Another often-overlooked item is providing clear instructions for your executor. Think of it as creating a roadmap for the person you've chosen to settle your affairs. A simple written guide explaining what assets you own, where key documents are located and who should be contacted can make a tremendous difference. Whether documents are stored in a filing cabinet, a safe deposit box or a secure online folder, clear directions can save your family countless hours of searching and uncertainty.
It's also wise to review recurring expenses such as subscriptions, memberships and automatic payments. These charges can continue long after someone passes away if no one else knows they exist. Identifying these expenses in advance helps your family close accounts quickly and avoid unnecessary expenses.
Getting organized doesn't require sophisticated financial strategies or major life changes. In fact, it may be one of the simplest estate planning tasks you can complete. Set aside an hour this week to start building your list, organizing your key information and letting your executor know where to find it. A little preparation today can spare your family a great deal of stress tomorrow.
If you would like to learn more about protecting your retirement and getting your financial life organized, watch our comprehensive retirement planning webinar. This easy to access, on-demand, no-cost, no-obligation webinar can help you identify the next steps you need to take to prepare for your retirement. Please click the link below to register to review this insightful, on-demand financial education event.
Getting organized today can save your loved ones from unnecessary stress tomorrow.
A single hour spent organizing now can make all the difference later. Remember, it's not just about having your ducks in a row, it's about making sure your family can find them when they need them most.
Will Riggs, NSSA
Financial Advisor
For informational and educational purposes only. This material should not be construed as individualized investment, legal, tax or insurance advice or as a recommendation to buy or sell any security or insurance product. Investing involves risk, including possible loss of principal. Past performance is not indicative of future results. Consult your financial, tax, and legal professionals before making financial decisions. Strategic Wealth Partners is an SEC-registered investment adviser; registration does not imply a certain level of skill or training. Any guarantees discussed are backed solely by the issuing insurance company. For more information, including our Form ADV, please visit adviserinfo.sec.gov.
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