If you become incapacitated or pass away, the trauma to your family from that event should not be compounded because they have to start to search for your assets and important papers. If your family has to take over the handling of your finances, being able to easily determine what assets are available for your care and comfort may be important in enabling your family to make the best decisions on your behalf.
Put together an Asset Map for your family to help them locate your assets and important papers if you become incapacitated or die. The Asset Map should list the location of your deeds, last will and testament, trusts, health care proxy and power of attorney. The Asset Map should provide the name of your life insurance company, the policy number and the location of the actual policy. The same information should also be provided for your long term care insurance policy, disability insurance policy and health insurance. Your banks, mutual fund companies and account numbers need to be identified along with the location of your safety deposit box and the key. The location of the title to your motor vehicles and extended warranty documents should also be listed on the Asset Map. If you have prepaid for a funeral and/or own a funeral plot, include that information on the Asset Map as well.
Don’t forget to include a list your various online accounts, usernames and passwords on the Asset Map. This is especially important because many of us now receive bills and statements online without any paper copies arriving in the mail. Without this information your family may not have any idea of what you own or what you have already set up for yourself.
Tell your family where the Asset Map is or leave it where they are likely to find it. Your effort in creating the Asset Map will be greatly appreciated later.
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