Savvy Living

I would like to get my personal, legal and financial information organized so my children can assist with my affairs when it is necessary. Can you offer any tips on the best way to do this?

Organizing your important documents and getting your personal and financial affairs in order is a smart idea and wonderful gift to your loved ones. Here are some tips to get you started.

Get Organized

The first step in getting your affairs in order is to gather up all your important personal, financial and legal information in a way that will benefit you now and your loved ones later. Take time to create various lists of important information and easy-to-follow instructions outlining how you want things handled when you pass away or become incapacitated. Here is a checklist of areas you need to focus on.

PERSONAL INFORMATION

• Contacts: Make a master list of names and phone numbers of close friends, doctors, and professional advisors such as your lawyer, accountant, broker and insurance agent.
• Medical information: Include a list of medications you take, along with any allergies and illnesses.
• Personal documents: Include items such as your birth certificate, Social Security card, marriage license and military discharge papers.
• Secured places: List all secured storage locations, such as safe deposit boxes, home safes, security systems along with access/password details.
• Digital assets: Make a list of all your digital assets, including everything from social media accounts to online banking and utilities accounts. The list should include usernames and passwords. 
• Pets: If you have a pet, write down instructions for the care of the animal.
• End of life: Indicate your wishes for organ and tissue donation and write out your funeral instructions. If you have made arrangements with a funeral home, include a copy of the agreement, contact information and whether you have prepaid or not. 

LEGAL DOCUMENTS

• Will, trust and estate plan: Include a file with the original copy of your will and other estate planning documents.
• Financial power of attorney: Ensure that your estate planning documents include this document which designates someone you trust to make financial decisions on your behalf should you become incapacitated.
• Advance health care directives: This document includes a living will and medical power of attorney, which spell out your wishes regarding medical treatment if you become unable to make decisions. Provide copies to your doctor and your health care proxy.

FINANCIAL RECORDS

• Financial accounts: Make a list of all your bank accounts, brokerage and mutual fund accounts and any other financial assets you have.
• Debts and liabilities: Make a list of any loans, leases or debts like mortgages, car loans, student loans, medical bills and credit card debts. Also, make a list of all credit and charge cards, including the card numbers and contact information. 
• Company benefits: List any retirement plans, pensions or health benefits from your current or former employer including the contact information of the benefits administrator. Include beneficiary designations if applicable.
• Insurance: List the insurance policies you have (life, long-term care, home, auto, Medicare, Medigap, prescription drug, etc.) including the policy numbers, agents and phone numbers. 
• Property: List real estate, vehicles and other properties you own, rent or lease and include documents such as deeds, titles and loan or lease agreements.
• Taxes: Include the location of your tax records and your tax preparer’s contact information. 

Keep all your organized information and files together in one convenient location, ideally in a fireproof filing cabinet or safe in your home. Additionally, ensure you review and update your information every year, and remember to tell your children where it is located.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.