Productivity & the Grave

Are you going to leave your family with a headache when you die? It's hard enough having to deal with the heartache related you dying so you've got to save them the other aches by getting your estate in order.  (Come on now, we're all going to die, let's face the fact bravely and be known for our courage and taking action). Disclosure: I have had my trust since 1997 and a will since a couple of years out of college so you are hearing from someone who does as she advises).

Part of being productive is following systems and having things in place. Nothing could be more applicable to estate planning (what happens to your stuff and money when you pass on) than systems and having things in place. This mostly helps others and really that's what most productivity solutions offer; a method for making your contribution.

In American society few families talk about money, or debt, or preparing for the future. Consequently, Americans have a shockingly high bankruptcy rate, enormous debt (credit card debt most horrifyingly), and angst surrounding money.  Money stress is #1 on most lists of stressors. If you want to hear horror stories that result from not managing things before you're in the grave, talk to your banker who has helped countless people try to straighten things out for those surviving family or friends who left no will or trust. You do have a local banker, don't you!?

Ok, so let's start with Step 1 – Collection. Before you do or say anything you've got to figure out what you have and where it is. Make a simple list in a notebook or on a spreadsheet, be guided by an estate organizer binder, or go high tech to use software like Quicken to get your records together. Here are things that need to be on that list for starters:

• House – where the deed is, where the mortgage document is filed
• Employer – who your boss & HR contact is
• Savings – how much is where
• Investments – what type are they? Where are they held?
• Secret money – whatever it is you're hiding, list it (the list is just for you)
• Heirloom pieces – what they are, where they are
• Valuable things – what they are, where they are
• Relevant contacts – financial institution contacts such as your banker, your broker, your fund manager, accountant, bookkeeper, insurance agent, lawyer with phone numbers!
• Insurance policies – purchased from whom, value, policy location
• Power of attorney, advanced healthcare directive, Living Will – where they are
• Will & trust – do you have them, where they are
• Funeral pre-arrangements if you have them
• List your immediate family members – spouse, partner, living elders, kids, grandkids, siblings.
• When did you serve in the Military?

Disclaimer: these are suggestions from a productivity perspective – consult with licensed professionals on the details and advice to rely on.

The next steps and upcoming posts are:

Step 2  – the conversation. It is paramount that you talk about your stuff with those you love and who will benefit from what you've accumulated. Click here for the Conversation - Part 1 Click here for the Conversation - Part 2  

Step 3 – The Resources (books, professionals) Where to learn more & who can help you.

Step 4  – Your Records – what paperwork you should have

Step 5  – Organization – where to store your records and how to keep them current

 

 

 

Comments

[Susan Sabo]

@ David - thanks for commenting. I was completing some paperwork myself and re-read my trust document. Time to update that for me. This type of work is never done unless we quit growing and progressing.

Others will thank you!

[David]

A valuable reminder Susan. A friend of mine has just been dealing with all of this herself after her husband's sudden death. I think our problem is that most of the time we live in denial, thinking that we have a lot of time when in actuality that is not always the case. I think if more of us reflected on how difficult it would be for our spouse or loved-ones to deal with tracking down all this vital information in the midst of grieving, we might take the planning and organizing of this information a wee bit more seriously!

For me, I have collected all this information you listed above, but I have not reviewed it in about a decade and a few things have changed since then. This is a prod for me to do a little updating and revising. Thanks!