Recently, a death in the family awoke us all to the necessity of leaving instructions and directions for the settling of an estate. Of course, leaving a will is of prime importance, but a will only covers who gets what, We found that there also needed to be information about the funeral and a breakdown of your assets and liabilities. Following is a list of what should have been recorded and made accessible to the family.
The Funeral
-instructions about your funeral
-cremation or burial
-what grave yard
-music you would like played or sung
-preference of minister
-phone numbers of friends or relatives that you would like personally notified
-adresses of people mentioned in your will
Your Assets
-banks or credit unions
-accounts
-safe deposit boxes (and keys)
brokerage firms
-a list of any stocks or bonds held there
rental properties you own
-the adresses and who is managing them
-a list of the pensions you receive
-a list of insurance policies
-a list of what's valuable in the house - ie jewelry, paintings, ornaments etc.
-a list of assets that you don't keep at home ie a boat in a marina
-a storage locker
Your Liabilities
-mortgages or personal loans owed out by you
-credit cards and lines of credit, reverse mortgages
Keeping this record will not only make things easier for your survivers, it will give you a clearer picture of your own financial position! Make sure your list is kept where it can be easily found.
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2 comments:
Good blog. I would also point out that one need not wait until they become a senior citizen.
If you are over 18 and want to make sure your final wishes are carried out per your direction, a formal declaration should be documented and delivered to the appropriate next of kin.
My site has an article on preparing your own funeral. I submit the story for your consideration: http://www.otrib.com/plan/?p=7
you've made a good point. thankyou!
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