Creating Your "Death Binder"
Scott Kok - Jul 25, 2024
No one can foresee when they will pass away, but having a "Death Binder" will help avoid confusion and reduce the stress of loved ones during a difficult time.
Does your partner or estate executor know where all of your accounts/passwords are located?
The last thing a surviving spouse wants to do is go searching for financial paperwork and bank statements in a time they are grieving.
Here's what you can do now to relieve some of that burden in a stressful time.
Start by creating a "Death Binder" by putting together the following items in one convenient place.
- A copy of your most recent will
- A detailed list of all of your financial accounts i.e. investments, mortgage, line of credit
- Your employer information
- Your various sources of income
- A list of property owned
- Insurance policies
- How to locate your login passwords (I use a password manager and this has literally been life changing and saves me so much time)
- Contact information of your financial advisor, lawyer and accountant
- Location of safety deposit boxes and keys
No one can foresee when they will pass away, but having these things in one place will help avoid confusion and reduce the stress of loved ones during a difficult time.
Be sure to store your binder in a secure, but accessible location that your executor can locate.
Here are some great free resources that can be downloaded to get started.
Estate Information Organizer - A template to start your "Death Binder"
Executor's Task List - This guide provides clear steps to help you navigate the responsibility of being Executor.
Ever since the birth of my son I've been thinking a lot about the importance of having a Death Binder in place and this is something that I update every year.
I hope you've found this information helpful.
If you're looking for a financial advisor I'd love to work with you and help you meet your goals. I'm always open to chatting and you can book a call with me by clicking the link below.
Scott Kok, PFP®
