Creating a master information document for your survivors

Setting up wills, trusts and powers of attorney are very important aspects of an estate plan. At the same time, it is important to make sure that your loved ones and administrators have the information they need at the end of your life so that things can go smoothly.

Having a master information document is particularly important at a time when much of our financial and social assets are secured behind passwords online. Without sharing these in a secured document, it will be very difficult for your loved ones to get access to things such as bank accounts and social media accounts. If you want to take steps toward creating a master information document for your survivors, the following are some details that you should consider including.

Account information for every account

When you consider the amount of social and financial accounts that you have, you will realize the true extent to which we rely on these in our daily lives. You may want to consider leaving email account passwords to your loved ones in addition to other accounts since they will likely ensure that the process goes more smoothly.

A breakdown of debts and assets

While debts and assets are subject to frequent change, it is always helpful to have a breakdown of your debts and assets that you update from time to time. This will help your loved ones to gain an overview of your financial situation without needing to do excessive researching.

Instructions on how business assets should be handled

If you have a business or investments, you will need your loved ones to take certain actions at the end of your life. It is important that these instructions are comprehensive. You may also want to include some “if-then” scenarios so that your loved ones can react appropriately according to the situation.

A copy of the will and trusts

Including copies of will and trust documents within the master information document will further strengthen the validity of these documents and the ease with which they can be put to use.

If you are considering creating a master information document for your loved ones, it is important to be strategic in your approach.