We have found that very often when a family member becomes mentally incapacitated or passes away, the family is in the dark about his or her affairs. Therefore, we recommend that everyone draft a letter of instructions to supplement their estate planning documents. The following people should be informed where your letter of instructions and other documents can be found: your executor; agents for your power of attorney and health care proxy; and, if appropriate, your family. The letter of instructions should include:
- Names, addresses and telephone numbers of people to be notified of your death.
- Burial instructions, type of funeral you prefer, copy of pre-needs funeral agreement, name of preferred funeral home, name of cemetery and location of plot and plot deed.
- If you are a member of any society or fraternal organization, the name and phone number of the person to contact regarding possible death benefits or funeral attendance.
- Name of church or synagogue.
- If you prefer, you can write your own obituary.
- Location of important legal papers, including Last Will and Testament; Living Trusts; Durable Powers of Attorney; Health Care Proxies; social security, Medicare and Medicaid cards; title papers to automobiles; deeds to real property; notes; mortgages; military discharge papers; marriage papers; birth and baptismal certificates; and any other papers of a legal nature.
- Name and address of all financial institutions.
- A listing of all accounts, including account numbers and whether accounts are held individually, jointly or otherwise.
- Location of all bank, brokerage, mutual fund and any other financial statements and registers.
- Location and number of safe deposit boxes, names on same and location of keys.
- Name and address of all investment brokers.
- A list of stocks, bonds and other investments; and their location.
- A list of any Individual Retirement Accounts or Qualified Retirement Plans, pension or profit sharing plans and location of the explanatory booklets.
- Copies of most recent statements for these accounts.
- A list of all life insurance policies, including name of companies, policy numbers, face amount of policy, agent or contact person and where policy is kept.
- List of important personal property.
- Location of most recent Federal and State tax returns.
- Name of attorney, accountant and financial planner.
- A list of computer passwords for banking, brokerage accounts, your email account, etc. (There are online services that will help you keep track of passwords.)
