Share Your Critical Information Before Your Family Actually Needs It
One of the wonderful things about transition and retirement these days is that, unlike the past, we are living longer.
But with this longer lifespan comes some challenges that others may not have had before. You see, as we live longer, so do our parents and many of our parents are living in place and/or still handling a lot of their own day to day tasks.
Last week, I was finally getting around to organizing my desk and thoughts, when I found a recent paper that I had my mom, age 85, put together for me.
For a number of months I had been trying to get my mother to quit verbally telling me where all their important papers were and who to call if something happened to her. I told her we really needed to have this information in writing.
Fortunately, she is, and has been, an extremely organized person; having been a Military wife, mom of 4 and home CEO so having this information at the ready was a given.
As a Boomer and 55+ household, we sometimes find ourselves looking out for our parents and dealing with our kids and grandkids, all at the same time. As a result of receiving this information in writing from my mother, it inspired my wife and I to do the same for ourselves and our family.
This reason this is so important to do is because the world has become a much more complicated place. The number of different accounts we now deal with, as well as all the various passwords needed to access those accounts, is much more challenging than what previous generations dealt with.
Anything we can do to have all this info at our fingertips will make it so much easier down the road, for both ourselves and our family.
So here is the actual letter from my mother (please note I am sharing as much of the original content as possible but obviously changed some of the sensitive content).
Pete, Matt, Andy and Beth:
The following will explain where all our papers, etc. are located:
In the strong box sitting on a shelf in the coat closet are the will, financial and medical papers—Keys are two small ones hanging on a hook by the deep sink in the kitchen. Lawyer is XXXXXXXXXXXX phone XXXXXXXXXX
In the box is Mom’s (Jeanette) Will, Power of Attorney, Health Care Directive, marriage certificates, birth certificates, car title, cemetery arrangements, social security cards, passports, military discharge, death certificate (Dad)
Roll Top Desk in bedroom:
Two accordion files-One has all records of paid bills by the month—the other has bank statements, insurance policies, stock account info, funeral arrangements and how to coordinate with XXXXX cemetery (they have all the instructions and where to be buried). Key Bank is my checking and automatic deposit info along with social security.
Condo dues automatically debit on the 10th of the month.
I have Medicare and US Family Health Care, (cards in wallet), no co-pay, Maxor pharmacy mail order with list of medications on print out.
Computer passwords in grey day timer, computer password is XXXXXXXXXX, storage area in basement lock on door is XXXX
Misc.: visa and credit union, cell phone, TV service, house keys and car keys, condo files, income tax records Christmas list and personal letters…..
(as this was getting way too long, I shortened the end with the miscellaneous part.)
Bottom line: I think this exercise is useful (and even entertaining!) for all who undertake it. As a retirement coach, I can think of nothing better for my clients: undertaking a project and actually having a little feeling of control!
About the Author;
Pete Finlon is a Retirement/life transition coach who focuses on the non financial aspects of retirement. He helps others to plan/solve and create action steps that give them work, life and personal happiness in their transition. Pete also works closely with the financial and wealth management community to insure both money and life issues/focus are balanced.
