If your will is already up-to-date, you might be wondering what are some practical things you can do to make things easier on your family and loved ones. We suggest you create a legacy file! A legacy file is a collection of your estate plans and other valuable information to make it easier on those you love when you pass.
Your Legacy File should contain:
- Passwords. Create a list of your usernames, passwords, PINs, and access codes that is current and accessible when you pass. Be sure to store it in a safe location so that you are not put at risk.
- Finances. Document your bank accounts, CDs, mutual funds, and other investments with institution names, account names, and account numbers.
- Funeral Instructions. Outline details about your wishes for your funeral service, funeral home, and burial arrangements. Do you have any favorite songs or scripture passages you’d like shared? Have you written down your testimony or life’s story? Perhaps include these. This can help smooth out the process as those you love grieve and say goodbye.
- Important Documents. Create a “catch all” folder for all other important documents your family may need such as birth certificates, Social Security cards, titles, etc.
- Insurance. Include a single folder with all insurance information, including auto, home, life, health, disability, etc. List the company name, policy numbers, and contact information.
- Monthly Expenses. Make a copy of your monthly expenses to help your family keep track of bills and run your household once you are gone.
- Tax Returns. Keep up to seven years of copies of your tax returns.
- Legacy Love Letter. Share the guiding principles, memories, stories of personal faith, and future wishes for your family. Don’t have one? Here’s how to write a legacy love letter.
- Will. Include a signed copy of your will, including information about guardianship, beneficiaries, executor, power of attorney, financial accounts, and charitable interests.
- Contents List. A list of the contents in your Legacy File.
- Duplicate Copy. It’s a good idea to create a duplicate copy of your Legacy File for your executor and/or a safe deposit box. Be sure to provide contact and location information.
When you create a legacy file, it can significantly reduce the logistical burden on your family when you pass, allowing them to focus on remembering you and caring for one another. What if you’re interested in giving other ways? Learn about giving life insurance and Qualified Charitable Distributions (QCDs) from your Individual Retirement Account (IRA) today.
Disclaimer: Providence Network has not provided you with any investment, financial, legal, or tax advice. Instead, we have advised you to consult with your own legal and financial advisors and tax experts. We are not responsible for any decisions or actions taken in reliance upon or as a result of the content made available on this website or social media channels.
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