EPISODE 175: HAND OFF THE FINANCES KIT

Welcome to the Monday Money Tip Podcast. What happens when you or someone you love passes away? Do you know how to pay the bills, or does your spouse know all the important financial information if something happened to you? In this episode, we’re discussing handing off your finances and financial information when you die. We’ll share what information you should include and why. In our Current Event Segment, we’re talking about inflation. Our success story comes from Araceli, who is completing Rung #4 of the I Was Broke. Now I’m Not. Ladder and getting ready to move to Rung #5.

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About the Episode:

  • In this episode, we’re discussing handing off your finances and financial information when you die. We’ll share what information you should include and why.

  • In our Current Event Segment, we’re talking about inflation. 

  • Our success story comes from Araceli, who is completing Rung #4 of the I Was Broke. Now I’m Not. Ladder and getting ready to move to Rung #5.

Things You Should Absolutely Have Prepared: 

  1. Account List

    1. Investing Accounts

      1. Retirement, Brokerage, College, etc.

    2. Bank Accounts

      1. Checking, Saving, Money Market, etc.

    3. Life Insurance

    4. Debt Accounts

      1. Mortgage, auto loans, credit cards, etc.

  2. Access List

    1. Passwords, PINs, Websites, Codes

    2. Safe Access, Bank Safe Deposit Box

    3. People - attorneys, bankers

  3. Hidden Valuables

    1. Buried, frozen, covered, shielded

  4. Beneficiaries

    1. Your named beneficiaries on investment and insurance policies TRUMP your will!

  5. BONUS: Hand-written letters to those you love

  6. BONUS: A Letter of Instruction

    1. A list of people to contact when you die and a list of beneficiaries of your estate plan

    2. The location of important documents, such as your will, insurance policies, financial statements, deeds, and birth certificate

    3. A list of assets, such as bank accounts, investment accounts, insurance policies, real estate holdings, and military benefits

    4. Passwords and PIN numbers for online accounts

    5. The location of any safe deposit boxes

    6. A list of contact information for lawyers, financial planners, brokers, tax preparers, and insurance agents

    7. A list of credit card accounts and other debts

    8. A list of organizations that you belong to that should be notified in the event of your death (for example, professional organizations or boards)

    9. Instructions for a funeral or memorial service

    10. Instructions for distribution of sentimental personal items

    11. A personal message to family members

 

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