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I recently read an article about types of information to keep with important papers. One tip concerned your IRA account and having a print out of who are listed as beneficiaries of your IRA.
My IRA has been with the same brokerage for over 30 years and darn if I could remember if at that time I set up the account if I had listed my mother or my siblings as the beneficiaries.
I contacted my broker and they sent me a printout of the currently listed beneficiaries (which turned out to be correct) as well as a blank form if I needed to make any changes. I will keep both of these forms with my important papers.
Since beneficiaries are setup when you first set up an IRA with a brokerage and this information does not appear on the monthly reports, it is easy to forget to update this information when life happens and changes need to be made.
Having a printout of the beneficiaries of your IRA account with your important papers is a good reminder should there come a time when this information may need to be updated.
I have a notebook that is in our office. It's in a cabinet so it's not out in the open but it would be easily found.
In the notebook I have several sections:
1) Important numbers and addresses - siblings, kids, financial institutions, estate attorney, Mom's care, etc. Where our safe deposit box is and where the key is. The combo to our safe is in our safe deposit box. No one who can't get into the safe deposit box has any business getting into the safe either.
2) Location of originals of wills, POAs, medical directives, etc.
3) Copies of all of the above.
4) Life insurance information.
5) I also have a folded sheet of paper in my nightstand drawer that states where the wills, POAs, etc. are. I figure in an emergency someone would open that drawer pretty quickly and the info is right there.
6) I showed my husband and my oldest daughter (who is very trustworthy) where the notebook is. It's not laying out in the open but it's also not locked up.
Original POAs are locked up in the safe. Original wills are in the safe deposit box at the bank and at the attorney's office.
Once a year at least, we review our wills, beneficiaries, POAs, etc and I update that notebook if necessary. We do it in December. It's just something we do each year along with checking the batteries in our smoke alarms and CO detectors.
I also put together a notebook for my mom and her care. It's easy to grab that notebook if I need it for an appointment. It has all the information I need to quickly take care of her needs (she is in a memory care center with dementia).
My dad had a notebook like this and when he was suddenly struck down with a stroke and I had to step in and take care of things, that notebook was invaluable. When there's a crisis, everyone is stressed out. The last thing the main caregiver needs is to have to try to look through someone else's house and things for very important information and necessary legal paperwork.
Good point. Every couple of years we should all recheck. Some institutions will let you check on line and update on line. Be sure to have backup beneficiaries. Remember for assets with beneficiaries the money goes to the beneficiary no matter what your will says.
With so many things being done on-line it is important to have a list of passwords for all on-line accounts available to the heirs as well. Even just your e-mail account log-in and password will allow them access to automated alerts or messages from Banks, Insurance Companies, Brokerages, Credit Card Companies, email addresses of friends, etc.
With so many things being done on-line it is important to have a list of passwords for all on-line accounts available to the heirs as well. Even just your e-mail account log-in and password will allow them access to automated alerts or messages from Banks, Insurance Companies, Brokerages, Credit Card Companies, email addresses of friends, etc.
No. No one else needs you passwords. What they need is a list of financial institutions and accounts so they can make contact if the time comes when they need to.
No. No one else needs you passwords. What they need is a list of financial institutions and accounts so they can make contact if the time comes when they need to.
That's what I was thinking. The names of the financial institutions and your SS # is really all thats needed.
I compiled a "survivors manual" in a loose leaf binder with all different kinds of information that would be needed if I were to expire. Where the actual document may be in another file, it tells where that file is. Wife and kids know what and where it is.
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