If you did your estate planning with Pyke & Associates, we provided you with a binder to hold all your estate planning documents.  You might just have your documents in a folder in a safe place at your home.  Either way, along with your documents, whether in a folder or in a binder, other information should be included to help your loved ones navigate your loss.

At Pyke & Associates, we provide our clients with a family planner as part of their binder that suggests information to collect along with your estate planning documents.  Without detailing all of this information in this simple blog post, I would just list some of the major considerations:

  • Contact phone numbers for your financial planner, accountant, insurance agent, and attorney
  • Where to find your passwords for your important computer information, such as your financial records and bank log-ins. The passwords should not be written down, but you should have instructions on how to find the passwords in a totally safe and secure place. I suggest passwords be stored in a safe deposit box.  Preferably, you use a program like 1Password or Fast Pass where all passwords are kept and updated so the only thing to write down in a safe, secure spot is your master password.
  • A heartfelt letter to your family.

Why write a family letter?  Some people are not comfortable with discussing their estate planning decisions with their family during their lifetime.  A letter explaining why you have made certain choices, such as who the executor shall be, and maybe why you didn’t leave property equally to your heirs, softens the emotions and hurt feelings that can occur from reading cold legal documents.  It is also important that your family know that what they mean to you is more than simply passing on some property.  Simple acknowledgements of your love and care, or pearls of wisdom that you wish to pass on, are excellent material for such a family letter.  Think back when your loved ones died – your parent, your sibling, or your spouse.  What did you want to hear from them that you couldn’t because they were gone? 

Gathering helpful information in a well-written family letter can ease sorrow, decrease expense and difficulty, and tamp down hurtful emotions that can arise.  Remember, your estate plan is about your family, not just about your property.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.