Wednesday, September 18, 2019
Do You Have A When I Die File?
Do you have your estate planning documents done? Made funeral arrangements? Think you have everything covered? Well, did you make a "when I die file?" According to an article in Time magazine, Why You Need to Make a 'When I Die' File—Before It's Too Late this file is likely
the single most important thing you do before you depart. It may sound morbid, but creating a findable file, binder, cloud-based drive, or even shoebox where you store estate documents and meaningful personal effects will save your loved ones incalculable time, money, and suffering. Plus, there’s a lot of imagination you can bring to bear that will give your When I Die file a deeper purpose than a list of account numbers. One woman told us she wants to leave her eulogy for husband in the file, so she can pay homage to him even if she goes first.
Without such a file, the process of compiling the information can be time-consuming and emotionally draining for the family. Here are some of the tips from the article
First, call the companies behind your cable, internet, cell phone, club memberships, and anything else that bills for services on an ongoing basis and add your partner or kids to the account as a joint owner. If billing accounts are not in both your and a loved one’s name, your survivors will end up spending hours on the phone and in offices begging bureaucrats to shut them down or convert the accounts to their name so they can manage them. Think of every frustrating call you’ve had with your cell provider, and then multiply it by 10.
Here are a few of the things you’ll put into your “When I Die” file:
□ An advance directive that’s signed (and notarized if necessary)
□ A will and living trust (with certificate of trust)
□ Marriage or divorce certificate(s)
□ Passwords for phone, computer, email, and social media accounts
(We recommend using an online password manager to collect them all, sharing the master password with someone you trust, and then designating emergency contacts within the program who are allowed to gain access.)
□ Instructions for your funeral and final disposition
□ An ethical will
□ Letters to loved ones
There is more information about the file in the book on which this article is based, Beginner’s Guide to the End.