Has your family ever said to you, “I wouldn’t know how to take care of this if you weren’t around”?
In most families there’s one person who knows all the key household information — account passwords, social security numbers and how to pay a specific bill and when it’s due.
Consider creating a legacy drawer, a designated space that contains everything your family would need to know if something happened to the holder of the household information.
To create a legacy drawer, select a lockable desk or cabinet drawer to house your information. Then inform your family where it is and how to access it. Gather your documents and file them in the drawer. When you make changes to official documents, be sure to also update the copies in your legacy drawer.
WHAT TO PLACE IN YOUR LEGACY DRAWER:
- Content guide: A simple list explaining the contents of the drawer.
- Will and estate plans: All information pertaining to your will or estate, including the executor and power of attorney.
- Funeral instructions: An outline of your memorial wishes.
- Insurance policies: Paperwork for all health, car, disability, term life or other forms of insurance.
- Important documents: Deeds, birth certificates, social security cards, titles and other legal documents.
- Legacy letters: Letters to your loved ones.
- Monthly budget: A list of all monthly expenses, so your family can continue household operations.
- Tax returns: All of your tax records, in case your estate is audited.
- Passwords: Include all passwords, combinations, user names and PIN numbers.
It’s a good idea to photocopy everything in your legacy drawer and place it in a safe deposit box, in case of fire. Make sure your loved ones have access to the safe deposit box information.
While it takes time to pull together your documents in a way that is easy for your family to access, the peace of mind you will bring your loved ones is more than worth the effort.
