Day 259 - Get Your Finances and Final Instructions in Order
Today's first time parenting tip - Once you get your will finalized, take the next step and create a document for the executor and guardian.
Hopefully you've created a will, named a guardian and bought a life insurance policy to protect your baby if you should pass away before they become an adult. That's great from a legal standpoint, now what happens when one of your friends and family actually has to execute your wishes?
It can be confusing for someone who can't read a legal document, and they may wonder if what a lawyer interprets from your documents are truly your wishes. A good idea is to create a plan for whoever is responsible for your finances and your children. The plan should include.
Your executor should be given a copy of this plan, and they should keep it in a safe deposit box or a fire safe. You should also have this plan, and all your account information and policies stored in a fire safe as well.
Be sure to give someone a backup copy, be it a family member or a trusted friend.
If you do this, you can be rest assured that the person making arrangements for you after you pass away will be doing what they truly know you wanted. And it'll help them know exactly what to do in a time where emotions and other distractions will probably be running high.
Parenting, Document, Last, Testament, Will, Wishes
Hopefully you've created a will, named a guardian and bought a life insurance policy to protect your baby if you should pass away before they become an adult. That's great from a legal standpoint, now what happens when one of your friends and family actually has to execute your wishes?
It can be confusing for someone who can't read a legal document, and they may wonder if what a lawyer interprets from your documents are truly your wishes. A good idea is to create a plan for whoever is responsible for your finances and your children. The plan should include.
- Wishes for burial/cremation
- List of assets and life insurance policies, with contact info and any special instructions for making a claim
- Plan for how you want your assets invested/donated/distributed, in laymen's terms
- List of possessions and who you want to take ownership
- Name the guardian for your children
Your executor should be given a copy of this plan, and they should keep it in a safe deposit box or a fire safe. You should also have this plan, and all your account information and policies stored in a fire safe as well.
Be sure to give someone a backup copy, be it a family member or a trusted friend.
If you do this, you can be rest assured that the person making arrangements for you after you pass away will be doing what they truly know you wanted. And it'll help them know exactly what to do in a time where emotions and other distractions will probably be running high.
Parenting, Document, Last, Testament, Will, Wishes
Labels: documents, last, testament, will, wishes
posted by Jeff Pfaller at 1:29 PM
2 Comments:
Setting up plans to cover all of these things is no doubt important and should be at the top of everyones list. Anyone who has ever had to cope with handling someones affairs when they had nothing or very little to go by can understand the chaos that develops. The problem is that sometimes the information may not be needed for years and those who agree to act on your behalf have either misplaced what you gave them or don't remember what you told them. My wife and I use a service called eLifeID (www.elifeid.com). I created instructions for my wife and other family members that describes where to find things and what to do. What I liked best is that you don't identify any real compromising information. If I instruct my wife where to locate a particular document, she will have access to account numbers when she finds the document. The key is she will know exactly what to do when she gets the instruction. Also, I can update the information as needed and my family will always have the latest info to follow. The only thing that they need to remember is 1 simple instruction - Notify eLifeID if something happens to me. It gives me a very effective way of making sure my family knows what to do if something happens to me.
Great resource! I'll definitely check this out.
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