Don't Keep It A Secret

Although your financial information is meant to be kept confidential, don’t keep it a secret from your spouse or beneficiaries. When you take this secret to the grave, your survivors could stand to lose a great deal!

A simple way to share your important financial information is to keep a financial summary document that is updated annually. The document should include the following items:

• Bank accounts. List checking and savings accounts and name and location of institution(s). Include information on any T-bills, CDs, etc.
• Insurance policies. List company, policy number, agent, and location of insurance policies.
• Stocks, bonds and mutual funds. List names and location, also the name and address of brokerage firm.
• Safety deposit boxes. Give location of safety deposit boxes, private vaults, home safes. Include the name(s) of person (s) holding key, combination or password.
• Real estate. List real estate holdings and location of mortgages, deeds, and documents.
• Will. Give location of will.
• Corporate benefits. List of pensions, profit sharing plans, and 401(k) savings plans. Include the contribution amounts, vesting rights, and name and telephone number of corporate contact.
• IRAs. Give locations and details of Individual Retirement Accounts.
• Advisors. List name and telephone number of attorney, accountant, financial planner, etc.
• Loans. List amounts and due dates, also the name and address of lender(s).
• Tax returns. Give location of state and federal tax returns for the past five years.

Keep the original of your financial summary document in a file where you will update it annually.  Make sure the appropriate people know where the original document is kept, and sign and date the original.  Keep a copy of the document in a working file where you can place information throughout the year that will be used to update your document.  Once a year, create a new signed original financial summary document.

These simple steps will make life a whole lot easier for your family if anything unexpected should happen to you.