Are you set for the unknown?
Get Prepared! Ensuring Your Loved Ones Can Access Your Estate Plans
If you were to suddenly pass away today, would your loved ones know how to locate your estate planning documents? Could they easily access your financial accounts, insurance policies, and other important information? What about your digital assets—do they know how to log in to your online accounts?
One often-overlooked aspect of estate planning is making sure your loved ones can quickly and easily find all necessary documents and key assets if you die or become incapacitated. A simple and effective solution is to create a “When I Die” file. According to A Beginner’s Guide to the End: Practical Advice for Living Life and Facing Death, this file can be a binder, a cloud-based drive, or even a shoebox where you store estate documents and meaningful personal effects.
In their book, authors Shoshana Berger and BJ Miller stress that a “When I Die” file can save your loved ones incalculable time, money, and suffering after your death. I fully agree and would add that such a file is equally important in case of incapacity—and possibly even more crucial. Here’s how you can ensure that your "When I Die" file provides the greatest benefit to the people you care about.
Avoiding a Logistical Nightmare
After the passing of her elderly father, Shoshana Berger experienced firsthand the chaos that follows when crucial documents aren't readily available. While her father’s will and trust were easily accessible, Berger and her sister spent nearly two years tracking down his remaining estate documents, assets, and finalizing his affairs.
Berger recalls searching through file cabinets, mail, and requesting multiple death certificates to prove her father’s passing to various companies. She emphasizes that having a “When I Die” file isn’t enough—contact service providers such as your internet, cable, and cell phone companies, and add your partner or children as joint owners. If their names aren’t on these accounts, your loved ones may face a frustrating and time-consuming ordeal.
"If billing accounts are not in both your and a loved one’s name, your survivors will spend hours dealing with bureaucracies just to shut them down or transfer them," says Berger. "Think of every frustrating call you’ve had with your cell provider, then multiply it by ten."
Beyond the burden of paperwork, if important documents—such as wills, trusts, and insurance policies—cannot be found, it may be as though they never existed. Similarly, financial assets like stocks, bank accounts, and other property may be lost if no one knows they exist. To avoid this, ensure that your "When I Die" file includes an up-to-date inventory of all assets and their locations. Don’t forget to account for digital assets as well.
Securing Digital Assets
When it comes to digital assets like cryptocurrency, email, photos, videos, and social media accounts, your loved ones must be able to locate and access these as well. Your "When I Die" file should contain all relevant login credentials and passwords, along with clear instructions on how to access each account.
If you store your file online, password management can make this process much easier. I highly recommend scanning and uploading all documents from your "When I Die" file to a secure cloud storage service. This ensures that your information remains accessible and protected from physical disasters like fires or floods.
What to Include in Your "When I Die" File
In addition to the list provided in A Beginner’s Guide to the End, I’ve added a few more items to ensure your file is comprehensive:
An updated inventory of all assets and their locations, including login information for digital assets
An advance healthcare directive
A will and living trust (with certificate of trust)
Marriage or divorce certificates
Funeral and burial instructions
An ethical will explaining the reasoning behind your choices (which I typically record as a Legacy Interview video, but can also be written)
Sentimental items such as letters, cards, and photos
For those with minor children: a Kids Protection Plan® naming short- and long-term guardians, along with detailed care instructions
Get Your Affairs in Order—Before It’s Too Late
Every family is different, and this list is just a starting point. When you work with my firm, we have systems in place to help you inventory all of your assets over your lifetime, ensuring the convenience and care of your loved ones when the time comes.
The bottom line: death or incapacity can happen without warning. By organizing your affairs now, you can save your loved ones the stress and heartache of navigating your estate in the midst of grief. Don’t wait—get started on your "When I Die" file today.
This article is provided by John T. MacDonald Jr.