Lessons from Aunt Mimi: Organize your information to help your loved ones.
I have learned many things from my Aunt Mimi: how to travel well, how to truly enjoy a nice glass of wine, an appreciation for great classical music. . . But one of the most valuable lessons she has taught me came after she was gone. I am a San Diego estate planning and probate lawyer and I have lots of experience advising clients regarding setting up wills and trusts, and administering probate estates and trusts. But when my Aunt Mimi passed away earlier this year, I was on the proverbial other side of the desk. I was the client. Mimi had named me and my sister as co-executors of her estate and co-trustees of her living trust.
Now my sister and I had the challenge that all of my clients have faced - to gather information and documentation of all of Aunt Mimi's assets and liabilities so that we could commence the arduous task of administering her estate. Mimi made that easy for us. Don't just stop at setting up an estate plan. Help your loved ones by taking these steps to get and stay organized:
1. Keep a list of all of your assets, and update it regularly: bank accounts, investments, real estate, insurance policies, vehicles, and other valuables.
2. Keep an up-to-date list of all of your financial advisors, brokers and insurance agents, with their information, and keep it up to date.
3. Keep an up-to-date list of your liabilities and the remaining principal balances: mortgages, credit cards, car loans, and other debts.
3. Name beneficiaries for your retirement accounts and insurance policies.
4. Talk to your named trustees, executors and attorneys-of-fact about your plans and give them copies of your estate planning documents.
5. Keep copies of your most recent bank and investment account statements, mortgage and other loan statements, in an organized file.
6. Keep copies of your tax returns for at least the past 2 years.
7. Prepare a "letter to your loved ones" summarizing your last wishes as well as information about all of your accounts, advisors and any other information that will help them administer your trust and estate, and give a copy to your executors and trustees.
8. Carry a wallet card with you that lists the contact information for the person whom you have designated in your medical directives, so that emergency medical personnel will know who to contact in the event of an emergency.
