By Robin L. Cook, CWS®, CTFA®
Sr. Vice President, and Prosperity Advisor
Facing the death or disability of a loved one is challenging. As a Wealth Advisor, I’ve often helped couples ensure that the less financially involved partner has support if the other becomes incapacitated or passes away. Even the most financially savvy individuals can feel anxious during such times. For single individuals, preparing a “Life Blueprint” file is crucial, as they may be the only ones aware of their circumstances. This file acts as a roadmap for your family, easing decision-making and reducing stress.
What Should Your “Life Blueprint” file look like?
Essential Documents:
- Estate documents: wills, trusts, healthcare directives, power of attorney, and their locations.
- Personal documents: birth certificate, marriage licenses, auto titles, property deeds, and insurance policies.
- Financial information: household bills, credit card, mortgage, loan details, and debts owed to you.
- Professional contacts: Wealth Advisor, Attorney, CPA, Insurance Agent, Spiritual Leader, etc.
- Financial statement: assets, pension information, investment accounts, bank accounts, real estate, business interests, savings bonds, annuities, and safe deposit box key and location.
- Account information: usernames and passwords for important accounts, stored securely.
- Prepaid expenses: receipts for burial, cremation, etc.
Personal Wishes:
- Burial or cremation preferences, including location and service details.
- Obituary guidance and personal items distribution to reduce family discord.
- Contact information for family and friends to ensure everyone can pay their respects.
Format Options: Your file can be digital, physical, video, or a combination. Digital files are useful for scattered families and protection against disasters, while physical folders can include sentimental items.
Additional Suggestions:
- Include letters or videos for loved ones to create lasting memories. Photos, thoughts, and recanting times together can help solidify lasting cherished memories.
- Hold a family meeting with your attorney and wealth advisor to review your estate plan and discuss personal item distribution.
Planning for death or disability is difficult, but with the help of a wealth manager and attorney, it becomes manageable. This preparation will ease the burden on your loved ones and reduce future stress.
