The “Death Book” Sounds Like a Stephen King Novel, But It’s Actually a Helpful Estate Planning Tool

Where
do you keep all of your important financial information?

-In a cabinet stuffed with unmarked
files?

-In a cardboard box full of unmanageable
papers?

-In an old Cleveland Indian’s suitcase
like my dad once did (odd but true)?

There
are multiple problems with any of these: clutter, disorder, locatability. In
the event of your death, they all create stress and effort for your loved ones
and/or executor.

But
there is a solution, as Henry Hebeler recently suggested at Market
Watch
. His solution is the darkly named, “Death Book.”

A Death
Book is a book (e.g., a binder) prominently labeled “Death Book” that contains information
on financial matters and necessary
actions. For a young and newly married couple, it might only be a couple pages.
For an older, retired couple, it should be more complete and, at some point,
copied for children and executors.

Hebeler
highlights 5 important parts of the Death Book. They include:

  1. Urgent Needs – important contact information (e.g., doctors, attorneys,
    accountants) and how to’s (e.g.,funeral directions and notifications, such as the
    Social Security Administration and broker notifications).
  2. Wills and
    trusts –
    wills,
    powers of attorney, executors, etc.
  3. Essential Actions
    time-sensitive actions (e.g.,
    taxes and distributions), home and vehicle maintenance records.
  4. Financials – investments, credit cards,
    insurance and tax data.
  5. Location- the location of anything
    needed to settle the estate and/or pay taxes.

Hebeler makes annual updates and adds that he keeps his financial
information protected with a strong password that’s located in a safe deposit box.

….

Sign in with your Lexis.com ID to access LEXIS.com Estates, Gifts Trusts and Elder Law resources

Discover the features and benefits of LexisNexis® Tax Center

LexisNexis Publications:

View the LexisNexis
Catalog of Legal and Professional Publications

LexisNexis eBooks

Click
here for a list of available LexisNexis eBooks
.

Click here to learn more about
LexisNexis eBooks
.

For more information about LexisNexis products and solutions connect with us through our corporate site.

Filed under Elder Law · Tagged with

Comments are closed.