Preparing for tomorrow, with confidence today

Knowing where your money is and how to access it is paramount for future security. Ensure you have a clear understanding of bank accounts, investment portfolios, and any other financial assets. Document account numbers, usernames, and passwords securely. This foundational knowledge will be invaluable for a smooth transition and greater control.  

 

Buy yourself a cute new notebook.  You may prefer a spreadsheet on your computer which is also a good idea, however in the case of emergency or to avoid being hacked or accessed by scammers, good, old-fashioned handwritten lists are suggested. You husband may not be amenable to the idea of this type of advance planning but hopefully you can find a good time to explain how it will make your life so much easier and comfortable.

 

Here is list of recommended items to record in your notebook:

 

• Beneficiary: make sure you are listed as your husband's beneficiary on all financial accounts, loans, investments, life insurance, etc
  • In your notebook, write down where you are listed as beneficiary, account numbers, user names, password, log-ins, and contact information
• Social Security number: make sure you know your husband's number.  The funeral home usually reports the death to social security. 
  • Write the social security number in your notebook
• Bank accounts:  make sure your name is on all accounts if it is not already.  You may have to visit your local branch to do this.  When your spouse passes, you will have to provide a death certificate.  Some banks will leave his name on the account with yours.  If you don't want that, you will have to close the account and open a new one.  When a death is reported, banks usually freeze your account for security reasons until you provide a death certificate.
  • In your notebook, write down account numbers, user names, passwords, and  log-ins for each account in your name.
• Credit cards: in some cases a joint credit card really means that there is a "primary card holder" and a "responsible party" who is the spouse.  If the primary card holder is the spouse who passes, the responsible party can become the primary, but you will want to check with the company. Credit card debt is not forgiven upon death, it becomes the responsibility of the estate. If YOU don't have a credit card in your own name, it would be a good idea to get one and start building individual credit.
  • In your notebook list the credit cards that you have jointly or independently.  After talking to the company, note their instructions so you know what to report when the time comes. Write down any online user names, passwords and log-ins.
• Other financial institutions:  if you have investments, stocks, make sure your name is on the account or that you are listed as the beneficiary.
  •  Make sure you note any other place where your money is located along with associated user names, passwords, and log-ins
• Mortgage: your name should be on the home loan.  If it is not, call your mortgage institution. 
  • Record your mortgage company name, account numbers, user names, passwords, and log-ins.
• Loans: If you have auto loans, student loans, or any other loan, make sure your name is on them at the lending institution.
  • Record any lien holder's name, account numbers, user names, passwords, and log-ins.
• Wills and Trusts: It is wise to meet with a lawyer and create an estate plan that includes a Last Will & Testament, Advance Health Care Directive, and Power of Attorney. A good lawyer will advice you on what else you may need in your personal circumstances.  A will and trust will protect your assets and make sure your children or other beneficiaries receive what you deem appropriate.  There is a difference between a will and a trust which a lawyer can better explain to you.  A will is a legal document outlining asset distribution and guardianship that takes effect only upon death, passing through public probate court. A trust, often a revocable living trust, is a fiduciary arrangement that holds assets during your lifetime, bypassing probate for faster, private, and potentially more controlled distribution. You can visit our recommended lawyers and legal firms on the Vendors and Services page. 
  • You will be given a printed copy to keep.
• Funeral arrangements: If you are comfortable, you and your spouse can make pre-arrangements for a funeral and make all of the decisions together.  This is not a required step at this point and you may prefer to wait until after the passing. A pre-packaged and pre-paid funeral plan does save you money and you can make payments over time.  You or your spouse may not be on board with the idea, and it is a very difficult step to take, however in the fog after death, it might be nice to have fewer decisions. Here is a helpful form to have prepared for the funeral home: helpful funeral home information.pdf
  • Russon Mortuary planning check list 
  • Lindquist Mortuary planning check list
  • Keep any pre-planning paperwork 

 

• Buy a home safe:  Keep your notebook and any documents mentioned above in a home safe or fire and flood proof safe.  You can get them on Amazon or at Home Depot and Lowe's.  While you're at it, gather family documents like birth certificate, passports, etc and keep them in the safe. 

 

• Bookmarks: Bookmark on your computer each of the above account home pages.  Create a folder on the bookmarks tab to keep these links in.