Most people say ‘I love you,’ to family members without thinking twice. However, saying I love you and showing love can at times, become incongruent. Beyond kind words, bouquets of flowers and boxes of candy, many forget one of the most important and long-lasting ways they can say ‘I love you’ after they pass is by ensuring the more granular details of their financial affairs are in order.

As an estate planner, I have too many times met with families who, following the passing of a loved one, discover there was no detailed plan in place; as a result, grieving family members are left with the daunting task of sifting through financial paperwork and legal documents in addition to becoming locked out of accounts due to password protection and identify theft prevention.

How can you say I love you to your loved ones after you pass? A simple document can assist in making the process easy. Simply, it is a letter to your spouse, executor, or beneficiaries that includes, but is not limited to, a list of your estate planning documents with a brief description and outline of your assets.

I’ve listed a few of the more common and not-so-common items that will you say “I love you” after you pass that you should think about when planning:   

Assets
First, the more common assets; however, be sure to note account numbers, account representative names and phone numbers, along with the branch location.

• Bank accounts
• Life insurance 
• Retirements accounts
• Section 529 plan

Advisor Contacts
Next, listing the professional service contacts in which you do business will help move the process along somewhat seamlessly. Those folks who have worked with you in their role as advisors will be able to help guide your family through the process. A listing of not only their name, but also office address, phone number and email address will help complete the list.

• Accountant
• Attorney
• Wealth Manager/Investment Advisor

Lifestyle Connections (especially if you own a business)
Most companies have very strict policies about who can access an account after death.  Do you want your Facebook or email account closed after you pass?  If so, providing your usernames and passwords with your wishes, ensures all accounts will be closed or updated as you desire.

• Log-in, username and password information for social media accounts (LinkedIn, Twitter, Facebook, etc.)
• Log-in information for business and personal email accounts

Debt Accounts
Many forget that debt will still accumulate in the form of interest and payments due upon your death. If you have financial obligations to creditors, listing these companies, the account numbers and monthly payments due will help alleviate past due letters, calls and accruing fees from unpaid or overdue payments. 

• Mortgage 
• Automobile lender
• Credit card companies
• Student loans

Finally, let’s not forget about your human resource contact information at your employer. As you can see, this list can be endless; however, without such a document in place, could your loved ones easily find and access all of your accounts? 
I once served as an executor for a client who passed away with no close family members other than a niece that lived several hours away.  The decedent’s financial records were a mess.  As you can imagine, it was quite a process to collect financial records and figure out who to contact for life insurance and retirement accounts while also identifying all of his assets. 

As the executor, part of my job was to locate, collect, and distribute assets to the decedent’s friends and family members as his Will stated. How could I be certain all of his assets were actually collected? One Saturday, together with the decedent’s niece, we drove to every bank in the area and asked if he had an account.

Eventually, we found two safety deposit boxes, two CDs and one checking account, all of which neither of us knew he had, and, they were each held at different banks.  The niece was already understandably distraught over the passing of her uncle and this only added to her grieving. I’m sure none of us envisions saying ‘I love you’ by having a family member spend a Saturday afternoon driving from bank to bank in search of our unlisted accounts.  
The team at Zinner & Co. is ready to help you set the foundation for life situations. Planning today, while not the most pleasant thought, will help you help your loved ones in years to come.

We’re focused on providing you and your family personal service and trusted advisory; I’m ready to help you with your planning. Contact me at ksable@zinnerco.comor 216.831.0733 Ext. 140.