Pre-death planning is area that is frequently overlooked. Someone you love (a spouse, partner, child, sibling or friend) will be entrusted to manage your affairs upon your passing. It certainly will be a huge shock and will require them to sort thru different types of paperwork (including financial) that they may not be familiar with.
Would your loved one be able to locate all of your required information such as financial accounts, estate documents (will, power of attorney and health care directive), online account usernames and passwords, computer, phone? Would they know the final arrangements you desire? These are all questions that are not usually thought about until after something tragic happens and it may be too late at that point.
Over the years we have seen firsthand the ramifications of loved ones not being able to answer the above questions. It creates additional stress at a time when there is a considerable amount already. If affairs are not in order before death, your wishes may not be abided by depending on your state’s law(s) on such matters.
To help alleviate some stress, we have created an organizational document for you to compile your personal information. This will take some time and effort to complete after which it should be reviewed and updated periodically.
The author of this article, Courtney Arria, CFP® is an LPL Financial Advisor at Urist Financial and Retirement Planning, Inc., located in East Syracuse, New York. Courtney Arria is a CERTIFIED FINANCIAL PLANNER™ practitioner and Registered Representative with LPL Financial. She is dedicated to building personal connections with clients, which leads to a clear understanding of their financial needs and how she can help them to pursue their financial goals. She strives to simplify clients’ finances in order to educate and empower. Courtney can be reached at 315-445-2147 or email@example.com. Company information can be found at www.uristfinancial.com.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Click here to download a PDF of Digital Account Planning letter and questionnaire.