Part of financial planning is getting all of your information and documents in order. Our clients know that one of the first things we have them do is give us a listing of their family, assets, income, expenses and financial planning objectives. We use that to help them create an online plan through our financial planning process – helping them get their financial plan on track!
In their online financial plan, we create a vault for all of their important financial documents. However, as many don’t have an online plan, we wanted to give you this new Document Locator – Download Here:
It’s always important to stay on top of your planning. This is even more important if someone dies or becomes incapacitated. One area that I know is often overlooked by many people is inventorying their important financial and life documents that leave breadcrumbs for their heirs to execute a better probate process, close accounts, and inform people. Without a plan, you leave a mess behind for your guardian, executor or heirs to clean up while they are also dealing with their grief of loss.
We have worked with clients that have gone through both clean and messy transitions. Obviously, the clean approach is preferred. The messy scenarios leave the heirs not knowing where to start and they miss important details like forgotten lockboxes, accounts, websites, etc.
This Personal Document Locator tool is intended to help you gather all your important information into one place so you can distribute the details to those who you trust. This way, if something happens, they can quickly contact your important contacts and find all your documents to start the probate process, know where to find information, deal with final expenses and creditors, and close down accounts both financial and online like Facebook, Instagram, etc.
One question we often get is what happens if you can’t find everything? The answer is, eventually those missed assets that don’t make it through the probate process end up being sent to the state to custody until someone deemed an heir at law can claim those assets. You can see why it’s essential to make sure your heirs know everything, otherwise, your information and assets could be lost indefinitely.
If you are REALLY in the mood to get organized and get your overall financial plan in order, check out these other checklists that may help:
This is for informational purposes. The information was prepared by Avidian Wealth Management this information has not been independently verified by a third party.
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