WARNING: This article is just a stub for now. I intend to expand upon it later, but don’t hold your breath…
- Establish your estate planning goals
- List out assets & debts: retirement accounts, IRAs, HSAs, taxable brokerages, bank accounts, real estate, personal property: vehicles, jewelry/precious metals, cryptocurrency wallets & access to them
- Assess long-term disability insurance needs & have/purchase policy (check at work. Standard coverage is 60% of salary up to a max monthly limit.)
- Assess life insurance needs, then purchase a policy
- Estate planning docs and locations + access
- Establish a trust if you have minor children or other beneficiaries that can’t take care of their own money (e.g.: special needs adult children.)
- Make sure your beneficiaries are updated on each of your investment accounts (IRAs, 401ks, taxable brokerages), bank accounts, and life insurance policies.
- Access to any safes (combinations/physical keys) and safe deposit boxes
- List out digital accounts, profiles, and passwords. Keep them in a safe place.
Digital accounts and assets
Google / Gmail
Assign an ‘Inactive Account Manager’ here for your personal Google account(s): https://myaccount.google.com/inactive
If your accounts are inactive for a period of time (3, 6, 12 months) and after Google has attempted to reach you by phone and email addresses. You can give access to parts or all of your Google account.
This will help loved ones get access to things they might need to keep your household running in your absence.
Comprehensive Estate Planning Checklist
This 5 page checklist (also attached) is a good starting point to create a binder of important financial information: https://s3.amazonaws.com/beacon.cnd/3dab5b40f6165bab.pdf?t=1625231432 (it’s from here, which also links to two other checklists: https://beacon.by/resources/women-who-money/estate-planning-101-book-resources )
Print it out, highlight the most important things, and start putting them together in one place. I recommend using a fire & waterproof safe, or bank safe deposit box if you have one, to store it in. Make sure you, your spouse, and your executor(s) know that these documents exist, and how to access them.
More resources
https://womenwhomoney.com/estate-planning-tools
