It’s 2:00 a.m., and your adult child is being asked for a healthcare power of attorney after you have had a medical event.
Documents seem like an afterthought, but in certain moments they become everything. By taking the time to organize your documents today, your loved ones will be able to assist you in case you are incapacitated, or have one less task on their plate at a difficult time following your passing.
Below you’ll find a list of documents to keep organized. Be sure to read to the end for an important note on storage and access.
Online Account Credentials
No one wants a posthumous impersonator hijacking your social media accounts and sharing questionable content with your online friends. In our digital age, it is important that your online account credentials are secure and accessible so people you trust can close or transfer your accounts. Set up tools like Google’s Inactive Account Manager, Apple’s Legacy Contact and Facebook’s Legacy Contact. We also recommend using a reputable password manager with an emergency access feature allowing a designated person to request and receive access following a waiting period.
Trusted Contacts & Advisors
Those professionals who have helped you with legal and financial matters in the past can be helpful contacts for your loved ones during a period of incapacity or in the aftermath of your passing. Be sure to list the name, firm, phone and email for each professional.
- Estate Attorney
- Employer HR/Benefits
- Accountant
- Investment Advisor
- Life Insurance Agent
- Property and Casualty Agent (Home/Auto)
- Mortgage Servicer
- Primary Care Physician
- Executor and Trustee
Insurance
Keep copies of your policies handy along with carrier, policy number and agent contact for applicable policies. Be sure your beneficiary designations are kept up to date.
- Homeowner
- Life
- Employer Group Life
- Auto
- Umbrella/Excess Liability
- Disability
- Long-term Care
- Health
- Medicare Supplement
Assets, Accounts & Liabilities
For your executor and family to properly identify and administer your assets, they will need to know their location and how the asset is titled. For your accounts, note the last 4 digits of the account number as well as the custodian of the assets.
- Auto Title
- Other Vehicle Titles (boat, trailer, RV, motorcycle)
- Deed to Real Estate
- Investment Accounts
- Retirement Accounts (pass by beneficiary designation)
- Pension Information
- Annuity Contracts
- HSAs, 529s, Employer Stock/Options, Crypto
- Outstanding Debts (mortgage, HELOC, auto loan, personal loan)
- Bank Accounts
- Credit Cards
- Safe Deposit Box (location, box number, key location, who is named on signature card)
Power of Attorney
Hospitals, banks and insurers may require those acting on your behalf to produce a signed document in order to provide further information.
- Financial/Durable Power of Attorney
- Healthcare Power of Attorney
- HIPAA Authorization
- Directive to Physicians (Living Will)
Estate Planning
- Original Signed Will
- Trust Documents and Funding Record
- Guardianship Nomination for Minor Children
- Prepaid Funeral/Cemetery Contracts
- Letters of Instruction (Non-Binding)
- Community Property/Marital Property Agreements
Beneficiary Designations
Beneficiary forms for your retirement accounts and life insurance generally control how those assets pass, regardless of what your will says. Verify your current beneficiary designations, primary and contingent, and when you go through a major life event (marriage, divorce, birth and death), make sure you update these as needed.
Business Documents
- Operating/Shareholder Agreements
- Buy-Sell Agreements
- Succession Plans
- Key Business Insurance
Other Important Documents
- Federal/State Tax Returns (2-3 years)
- Marriage Certificates
- Divorce Decrees
- Prenup agreements
Where to Keep All This
We recommend saving documents in the cloud, using a service like Google Drive. Be sure to turn on two-factor authentication and to set up the legacy/inactive account feature. Keep your login information in the password manager referenced earlier.
By storing documents in the cloud, you and your loved ones will have the requisite documents, such as the healthcare power of attorney, to share with the professionals trying to help you.
If you would like to store this information physically, given the sensitive nature of the information, we recommend using something like a fireproof safe. Look for water resistance as well as the fire rating. A trusted contact of your choosing should know both the location as well as the combination. Safe deposit boxes may be difficult to access following your passing; hence you likely need your will or POA in another secure location. Do not store the only original of a document needed for access inside the box.
Make a note to review this list on an annual basis and following major life events. If you would like help identifying gaps in your financial and estate-planning records, please reach out to our office to schedule a call.