Beyond The Will: What Single People Can Do To Help Ensure Their Final Affairs Are Properly Handled
Estate planning is not only necessary for couples and families with children, it is also vitally important for those who have chosen to remain single or those who have become single through divorce or the death of a spouse or partner. As a single person, you probably already realize the importance of creating a will to simplify the handling of any assets and liabilities that you leave behind when you die. In addition to the will, however, those who are single may also need to consider additional arrangements to ensure that their final needs and obligations are met to their satisfaction.
Creating an Information File to Help With Final Affairs
In addition to the will, the executor of your estate, or whomever you choose to handle your final affairs, will need to be able to quickly access your personal documents and information soon after you pass in order to do their duty. To expedite the process and make their job as easy as possible, consider creating a file that contains all the information that will be needed at that time, including:
- a list of all bank accounts and safe deposit boxes with contact information for the financial institutions, account numbers and access information
- a list of all life insurance policies and information on where to find copies of the documentation needed to file claims
- a list of all other insurance policies, such as health, auto, home and disability, along with information on where to find copies of them and how to cancel them
- Information on where to find important documents and legal papers, including copies of the will, deeds, lease agreements, mortgages, loans, tax records, vehicle titles, birth certificates, divorce decrees, etc.
- a list of any government agencies that will need to be notified to cancel incoming benefits, such as the Social Security Administration and contact information for them
- information about any existing lease or rental obligations that will need to be addressed, and contact information for any landlords or rental agencies that will need to notified
- a list of email, social media accounts and online forums, including login information and passwords needed to close the accounts or make necessary notifications to administrators
- a list of all utility and service providers, including due dates, account numbers and contact information needed to cancel services
- a list of friends, relatives, employers or other people that you wish to be notified of your passing, including their contact information and any messages you would like relayed to them
Providing Convenient Access to the Information File You Create
To ensure that your information file will be complete and easily accessible when it is needed, discuss the process with your attorney or estate planning professional, and include any additional information they feel is needed. Make sure they receive copies of the completed file and any periodic updates that you make afterwards. In addition, it is wise to notify the executor of your will or any person who will oversee your final affairs of the existence of this file and its location, so that they can access it when the time comes.
Contact professionals like LeBaron & Jensen, P.C. to learn more.
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