Digging through piles of paperwork when a loved one dies is stressful and time consuming. It is the epitome of the burden that most of us want to avoid placing on others. Among those piles of paper, will your loved ones find what they need when you die?
Maybe. Maybe not. There are over $32 billion in unclaimed funds. Most of these funds are attributed to inheritances that loved ones dont know exist.
Will Your Loved Ones Find:
- Your car titles and deeds?
- Your old retirement accounts?
- Online bank accounts?
- Online investment accounts?
- Old life insurance policies?
- Notes with monies owed to you?
- Safe deposit box?
- PayPal or Ebay accounts with monies owed to you?
- Hidden cash or other valuables?
To ensure that your valuables are not lost and that you reduce the administrative burden on those you love
- Shred and recycle old statements.
- Keep most recent financial statements; 7 years of tax returns and supporting documentation; immigration papers; military papers; life insurance policies; adoption, marriage, and divorce papers.
- Keep an updated list of all online accounts with their usernames, passwords, and PINs.
- Keep a file, holding your most important papers.
- Update your file monthly.
If you have questions about how best to prepare to reduce the burden, ensure that assets are not lost, and know what papers can be thrown away, consult with a qualified estate planning attorney.
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