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THE BUH-BYE FILE

August 16, 2006

The Death and Taxes blog has a good piece on the value of having an "If I'm hit by a truck" file for your family members to track down your stuff:

I'd suggest that the file contain, at a bare minimum:

-your estate planning documents (originals or copies; if copies, you should leave a note about where your originals are kept)

-a somewhat current list (updated once or twice a year?) of your assets, including things like retirement benefits and life insurance

-contact numbers -- who should be informed of your death?

-documents (formal or informal) setting forth burial and funeral instructions

-if you feel so inclined, a "letter of affirmation, or blessing," as mentioned in the article

An excellent idea. I suggest using a big binder where you can just clip in the most current Annual (or semi-annual) statement from each investment account you have.

I would add to the list a page with computer passwords, or at least a page telling where a list of your passwords can be found. Many of us keep our financial life on Quicken or other financial management software; many of us also manage our investment accounts online. If our heirs can log on (after we're gone, of course), it will save them a lot of trouble in settling our affairs.

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