I work with clients to discuss financial plans for their life and legacy plans for their death. I came to realize fairly quickly that my own legacy plan for death was not sufficient. It consisted of being really organized, that’s it. Having files in my home office labeled “insurance” and “house” where it’s easy for someone to locate is important but not enough. What I hadn’t contemplated was how my death would affect my family’s future. Nor did I have a plan to protect valuable assets. Ask yourself, what if I died yesterday?

Do I have enough life insurance?
Are there enough liquid assets for the kids to pay for the rest of college?
Will someone be able to understand my home office filing system?
Will anyone know that I can’t be buried in bright red (because I hate that color on me)?

There are 4 things everyone should do at a minimum in order to protect themselves, their family and their valuable assets. To be prepared for the inevitable to happen. We plan for life, now is the time to plan for death. Regardless of age, income and family structure if the hypothetical question “what if I died yesterday” were to become a reality.

4 things you should do NOW:

WILL: Have one! Update it every 5 years (and if you are middle aged and you don’t have a Will then stop reading this now and make some calls to get with an attorney ASAP). We paid $1000 for a downtown Louisville attorney to set up a Will and Trust for our family. If you feel you can’t afford an attorney, check out smartlegalforms, legalzoom or rocketlawyer for online templates that cost between $15 and $80. Something is better than nothing.

WEB: Secure your digital assets. Everything is done online (banking, investments, shopping accounts, social media accounts). Make sure you write your PW, UN and combinations somewhere that can be easily accessed (like in your legacy drawer – see below).

WARRANTY: Protect your family and other people who depend on you with life insurance. Life insurance is not just to replace your salary after you die, and it is NOT expensive. A life insurance policy can pay funeral costs, pay off a mortgage, guarantee future insurability, assist with estate taxes and create a legacy for your children. Contact me for more info tami.kraus@nm.com. I will be posting about life insurance in the future.

WISHES: Whether you are single, have kids or grand kids, put together a Legacy Drawer. A place where all your important information can be easily found if something happens to you. Include copies of the following: will and estate plans, financial account names and numbers, funeral instructions, insurance policies, legal docs (copies of driver’s license, passport, birth certificate and social security card), letters to loved ones, tax returns, monthly budget, web data (passwords, PINS, user names and combinations). For more info on a Legacy Drawer go here.