Creating the Crucial Map for Your Estate Planning — Part 2
When you live together with a partner, whether married or otherwise, usually one of the parties takes care of paying bills, arranging for contractors, making deposits, … Creating the Crucial Map for Your Estate Planning — Part 2 asks, “What if the person who took on those responsibilities, could not?” Find out how to help your loved ones with an addition to your map of assets. Create a table, spreadsheet, or list of all your accounts and billing information — much like you did for your list of assets, and include the following:
Account Categories
- Credit Cards
- Utilities (electric, gas, water, garbage/recycle, phone, internet)
- Mortgage/Rent
- Property tax
- Insurance (auto, home owners/renters, umbrella, life, health)
- Medical
- Other recurring bills
Information
Include the following information:
- List the account numbers for each.
- Note how you typically pay them: By phone? Electronically? Snail mail?
- If you pay electronically, what is your password?
- List security questions for each if you have them.
- What are the last 4 digits of the account holder’s social security number?
Location
Typically, we each have a special place we put important pieces of mail and bills. Let your loved ones know where that is.
This document should be placed with your asset list. If you have already completed your estate planning, the original documents should be in a safe place — a safety deposit box, fire-proof safe, … Make sure your spouse/significant and personal representatives knows where the originals are. A copy of these documents should be in your home or apartment in a disclosed location preferably in a binder or file. Your asset list and this list should be kept with both.
If something untoward happens to you, your spouse, significant other, or other loved ones will be able to pick up and manage your day to day affairs.
© 2021 Karen Van Den Heuvel Fischer
