AS YOU LOOK to get your financial affairs organized, start with your letter of last instruction. Do you find yourself writing a lengthy description of where all key papers are located and how you want matters handled after your death? That’s probably a sign that you need to organize and simplify.
While folks are often advised to keep key documents in a safe-deposit box, this has a downside. After your death, the box may be sealed, and your family may not have access until they get a court order. A representative of the local tax authority may need to be present when the box is unsealed.
At a minimum, don’t keep your will and burial instructions in the safe-deposit box. Your family will want immediate access to those—but it could take weeks to view these documents if they’re in a safe-deposit box. Instead, keep them at home in a fireproof filing cabinet or metal box.
Next: Having the Talk
Previous: Last Instructions
Blog Post: Paper Chase