An Estate Readiness Checklist for Your Family

Hello,

In the last few months I have flown twice on a plane by myself. I never really worried about flying all that much, but when you leave your wife and kids behind your mind starts to race a bit. What if I don’t make it to my destination and back?

It got me thinking about that reality, what if something did happen to me? Is my family prepared?

Here is a checklist of things I’ve thought about that you (and me) need to make sure are buttoned up:

• Do you have the appropriate amount of life insurance?
• Have you created an estate plan?
• When was the last time your estate plan was updated?
• Does your spouse have a list of all bills that need to get paid?
• How many are set up automatically and how many manually get paid?
• Does your spouse know the username and passwords to all websites where your bills get paid?
• Does your spouse know your laptop password?
• Do they know your phone password?
• Does your spouse have a list of all financial accounts: checking, savings, 401ks, IRAs, etc
• Does your spouse know the username and passwords to each of those accounts?
• Does your spouse have the contact information of your CPA, Lawyer, Financial Advisor, insurance agent, and any other key contact connected to your finances?
• Does your spouse know how much debt is owed on the house, vehicles, etc and what dates those debts will be paid off?
• Does your spouse know which life insurance company to call to collect the death benefit?
• Does your spouse know your social security number?
• What subscriptions/bills could be cancelled if you aren’t here and no longer need?
• Does your spouse have the contact info of any service providers: plumbers, electricians, pest control, etc
• Does your spouse know what bills are paid on an annual basis that need to be paid manually such as property taxes, insurances, income taxes, etc
• Does your spouse know of any special belongings you own that you may have wanted your kids or relatives to have if you passed away so that it isn’t thrown away or sold in a garage sale?
• Are there any parting stories, memories, and/or wisdom you want to make sure doesn’t get forgotten? Write those down too.

What else what you add?

As you go throughout your day for the next month, write down everything that you do that your spouse would have no idea how to do if you aren’t here. Write down instructions on all of those things as you come across them.