Planning is Peace of Mind

What Your Heirs Need to Know

WillYou can make life easier and less expensive for your heirs if you provide them with these basic lists, say financial planning experts.

  • Bank and credit card accounts. List the name of each institution, type of account, the account number, telephone number and password for each. Tell where the account statements are.
  • If you have an attorney or financial planner, provide the person’s name and contact information.
  • Make a list of recurring bills and loan payments. It’s especially important if payments come directly out of a checking account. Tell heirs not to close accounts until arrangements have been handled.
  • List your life insurance policies and contact information so heirs can collect what they are due and cancel policies that are no longer needed. In this case, ask for premium refunds, which can amount to hundreds of dollars
  • List all email addresses you use and account passwords if any. This will help heirs find bills you have and notify acquaintances of your incapacity or death.
  • Tell the location of any safe-deposit boxes and where to find the keys.
  • List the locations of your important documents.
  • If you are retired, make a list of minimum annual distributions you are required to take from retirement accounts so your heirs don’t face penalty.
  • Make a list of money that should come in during your life and/or after your death.
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