Communication is fun, isn’t it? We have a running joke (even though it’s not a joke) in our house that my wife can’t remember the master password to the password keeper we have. Come on! To be fair, I can’t remember her birthday most of the time so we’re even.
This does present quite a dilemma though. What happens if you aren’t here? We don’t like to think about death, but no one gets out alive. Some of the hardest conversations we have with clients are around estate planning. We don’t want to think about who does what if we’re not here. However, there may be no better gift to give than a will, power of attorney, and healthcare directives.
There is another secret document to consider. I call it “The Love Letter”. No, not the sappy kind. Maybe a little sappy. That’s up to you. But consider all the things your spouse/family/friends need to consider if you aren’t here. Your will can leave accounts to your chosen people but what if you don’t tell them where those accounts are? If you leave your checking and savings account to someone in your will but don’t tell them where to find it, that creates quite the headache.
Here are some things to consider putting in your Love Letter:
- The location of all important documents including estate planning documents from above, insurance policies, car titles, property ownership documents,
- A list of financial assets, including savings and checking accounts, stocks, bonds, and retirement accounts. Be sure to include the location of the assets, account numbers, PINs, and passwords where applicable.
- A list of pensions or profit-sharing plans, including the location of their explanatory booklets.
- The location of your latest tax return and Social Security statements.
- The location of any safe deposit boxes and their keys.
- The combination to the safe, if any.
- Funeral wishes
- And, of course, the master password to your password keeper 😉
You don’t need to share every detail now—but it’s important that your people know this plan exists, and how to access it when the time comes. The gift isn’t the information—it’s the clarity.
Your letter will look different than everyone else’s. There is no right way to do this. But, the wrong way is to not do it at all. You love your family/friends. That’s clear. Show them by caring for them even when you aren’t here. Get everything in order for your benefit and for theirs.
