Recently in client meetings the topic of an "Estate Directory" has kept coming up, and continues to be a very popular concept. I thought it would be a great idea to share it with you in this issue of the Martens Report.
If you have ever managed an estate, you will understand how difficult it is to uncover the mysteries surrounding a person’s finances. To avoid this problem, we recommend that our clients complete an Estate Directory.
To be clear, an Estate Directory is not a legal document like your Will or Power of Attorney, but is a guide to assist your family members in the event of death or incapacity.
The Estate Directory clearly states any special wishes you have, that might not fit into your will, and also outlines your assets, liabilities, account information and who they need to contact. I have even suggested outlining digital information so your family can access your email, Facebook or linked in accounts and ensure they are shut down properly.
Few families speak openly and honestly about finances on a regular basis. We tend to assume that our spouses and children know where the money is kept and who to contact should tragedy strike. However, you are likely the only one to be familiar with all the details. Taking some time to complete an Estate Directory will ensure all your information is easily available, leaving your loved ones with a clear picture, rather than piecing together a confusing puzzle.
To assist with creating your own Estate Directory here is a link to a fill-able Personal Record Keeper provided by Dynamic Funds.
We recommend that you keep it in a safe place and be sure to let your loved ones know how to find it.