Today’s topic is… death. Yeah, we’re going there. We aren’t getting morbid, we are getting realistic. This is exactly what you can do now to help your survivors have a smoother transition after you’re gone.
Look, this is a downer topic for some, but as financial experts we are used to getting real in this way. You are going to die. We don’t know when but it’s inevitable. Because of this reality, you must prepare for this. How can you do this? Pete recommends a binder. Here’s his:
Here’s what categories need to be covered in the binder:
- A list of every bank you use and each account you have at those institutions.
- The contact info for the bankers you use.
- The 800 numbers for these banks.
- All the account numbers.
- You can skip login info here because it’s likely to change over time.
- Who your insurance provider is for life insurance, including their contact information.
- Property and casualty insurance information (home and auto).
- Include disability insurance, this will be helpful so your survivors can cancel this policy upon your death.
- 401ks, IRAs, Roth accounts — where the accounts are, account numbers, updated beneficiaries. Let this binder-building be the impetus to you confirming your beneficiaries are updated.
- Other types of investment accounts and who to contact about them.
The contact info for these service providers:
- Investment advisors
- Tax advisors
Will & Trust
- If not a copy, instructions on where to find it.
Last couple of notes. This should only need updated about once a year, unless you add a new bank account, investment, etc. Due to the sensitive nature, please keep this in a secure location.
For more personalized guidance don’t forget that a Hey Money expert is always ready and waiting to help you sort out this mess. Use code ‘cheese’ to get a 10% discount on a monthly subscription just for being a part of the 30 day recession-proof your life program. Stay strong!
These live streams are still going strong and we still have a lot of ground to cover. To catch the live broadcasts like the Hey Money Facebook page to be alerted when Pete goes live at 2:00 pm EST daily.