Posts Tagged ‘finances’

Settle Your Affairs with a Will

Settle Your Affairs with a Will

The saying says the only sure things in life are death and taxes.  We are diligent each year preparing all the documents we need for our taxes, but do we have all the necessary paperwork for when we die?  All our important papers need to be together so our heirs will not have to slog through file after file, or pile after pile, to determine what life insurance coverage we have.

Create a specific file containing all your important documents.  Better yet, to protect them, put them in a fire-proof safe or a safety deposit box.  Which papers should that file contain?  There are basics that everyone should have together to ease the burden on your heirs.

First, be sure your heirs are aware of where the papers are and how to access them.  Include in with the papers a letter of instruction with contact names and numbers for your attorney and any financial advisors or accountants.  You can also include instructions for your funeral if you haven’t preplanned that.

Of course, an original will should be kept on file.  If you have no will, you have no control over how your assets are handled and distributed.  The state will decide how your assets will be divvied up among your family.