Records To Keep For Relatives

(Due to a recent health scare, I have decided to repost an article I wrote for September 1, 2018.)

A woman I know just received an invitation to her 65th high school reunion. Unfortunately, she died three months ago.

No one knew to inform the high school, or the reunion committee, of her passing. Now, that particular notification is of no consequence.

But the executor of her estate didn’t know a lot of other stuff, either - even though her affairs were in pretty good order, as she knew the end was near. Current will. Papers more or less collected. Assets and liabilities more or less defined.

Many folks leave much bigger messes. I hear that Aretha Franklin left an estimated $80,000,000 estate and no will!

I’m trying to be good to my kids. I’m well in to my seventies, still working, still in amazing health (if I do say so myself)…but you never know. I could have a massive fatal stroke in my sleep tonight, or get hit by a bus tomorrow. And so could you, however old you are.

So, I’m taking the lesson of Aretha and the high school graduate to heart. I’m trying to think like the executor of my estate and collect everything she will need to settle my atfalrs quickly and completely --while she is also in mouming. And what a list it is! A list I still have not completely built -- I keep thinking of new stuff. (Like that high school reunion committee.)

Life insurance policies. (And now is a good time to make sure the beneficiaries are correct.) Titles/deeds to properties and vehicles.

Bank and investment accounts - and how to access them.

Will, power of attomey, medical directives.

Credit cards, utilities, taxing districts, automatic payment info.

Change of address info for all subscriptions. Social media access info.

Contact info for all the personal friends I think will need to be told of my passing.

I’m past having a mortgage or car payments. But you may not be. How does your executor handle monthIy payments until the estate is settled? It could be months. Do you have mortgage life insurance? Is the car worth enough to pay off the note?

You see, the list just keeps growing. Think like your executor.

How about an inventory? (Ha! Nobody has an inventory.) Well, how about just identifying your jewelry as good or junk - and maybe who you want to get what particular piece. That might prevent an argument.

Yes, I keep thinking of more stuff! The more stuff you and I prepare for, the easier it will be.