One of my clients recently provided me with this handy information which I am happy to pass along: Question: I'd like to leave my grown children well informed about my personal affairs but they get uncomfortable when I bring up the subject. I've decided to write out a list of things they need to know. What do I put on it and how often should I update it? Answer: Such a list, called a document locator, is a good idea - and not only for your heirs. It will help you keep your own records in order. Keep the list at home, in the file cabinet or box where you keep your other financial records, and let our children know where it is. You can give them copies or keep a copy in your safe-deposit box. A document locator tells where to find records; it doesn't duplicate them. You need only update it when basic information changes - say you open or close a bank account or switch banks, advisers or insurers. You can buy a ledger already formatted as a document locator, use a blank notebook, or just write your list on notepaper. If you have a computer, you can keep it on file there. However you choose to do it, include the following information: - Name, address and phone number of your attorney.
- Location of your Will and of any trust instruments; complete list of your beneficiaries with current addresses and phone numbers.
- Details of special funeral arrangements you have already made or would like carried out. Location of burial plot, if any, and location of the deed to it.
- List of your bank accounts including names, addresses and phone numbers of financial institutions, your account numbers, locations of passbooks, checkbooks and certificates.
- List of your stock, bond and real estate investments; names, addresses and phone numbers of your financial planner, tax adviser, broker, and/or anyone else with knowledge of or control over your finances.
- All pertinent insurance data including names, addresses and phone numbers of insurance companies, your policy numbers, locations of policies, and names, address and phone numbers of your insurance agents. Include health, life, auto, homeowners/renters policies, and any employee benefit or pension plans you are enrolled in.
- Location of your safe-deposit box and of key(s) to it; list of box's contents, and names of anyone else who has access to it.
- List of personal property not disposed of by Will and your wishes for its distribution.
- Locations of receipts and appraisals for valuables, and of any legal documents (e.g., Social Security card or passport) not kept in your safe-deposit box.
- List of active credit accounts, including names and addresses of mortgage companies, banks, oil companies, department stores, etc., your account numbers and types of accounts.
- Complete information, including substantiating documentation, about any personal loans you owe or are owed.
- Locations of copies of your tax returns going back three years, and of copies of any gift or estate tax returns filed during that period.
- Location of your living will, if you have one, though your physician, attorney and next of kin should all have copies in their possession already.
LORI J. CERATO
Attorney at Law
729 Sarah St.
Stroudsburg, PA 18360
Phone (570) 424-3506
Fax (570) 424-8557
Email:
cerato@ptd.net
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