652 Financial tips and laws for today and tomorrow
Tips to Organize Your Financial Paperwork for Your Heirs
Here are the best tips to make financial handover stress-free for your family.
Tip 1: Make a master list of documents
Collect in one location all necessary financial documents: bank accounts, insurance policies, retirement plans, property papers and investment statements.
Tip 2: Add legal and identification documents
Add copies of your will, trust, power of attorney, birth certificate and ID proofs, properly labeled.
Tip 3: Note digital assets and passwords
Share the password manager or sealed document with access instructions that holds the list of your online accounts, digital banking credentials and subscriptions.
Tip 4: Centralize contact information
Keep in a separate list the names of your major advisors-attorney, accountant, insurance agent and financial planner, so that your heirs will know who to contact.
Tip 5: Make it accessible but secure
Inform at least one trustworthy family member or executor where the documents are kept.
