Are you in a partnership where one of you is responsible for the bills, the insurance and the banking and the other partner just goes with the flow?
One partner might know where the wills, the life insurance paperwork, and other important documents are, and the other partner hasn’t a clue.
Collecting and keeping all of the family’s most important pieces of legal and financial information together and in a secure location can be a tremendous resource in the event of an unexpected (or eventual) death.
What is a death binder?
A death binder is an estate planning tool that you should use to organize and store all documents and notes that your partner and loved ones should have access to if you pass away.
We have more estate planning tips on our blog here.
Keeping all of your important information together in a death binder makes sense if one of you passes away or you both pass away and your loved ones are left to figure out how it all works.
What do you include in a death binder?
According to Globe and Mail, a death binder can include important contacts, assets you wish to list, and anything else you want your loved ones to know if you were to pass away.
A death binder should include:
- Location of the wills and power of attorney.
- Important life documents such as your birth certificate, social insurance number, and insurance documents.
- Details of the funeral.
- Financial accounts.
- Letters to your loved ones that may include why you made certain decisions in your will.
- Service providers such as internet and phone which include your bill details for cancellation.
- Passwords for online accounts and your wishes for these accounts.
- Important contacts.
Planning for your death to help the lives of your loved ones is a gift that your loved ones will value after you are gone. We cannot plan for everything in life you can plan for peace of mind that your estate is well-planned, and your loved ones are provided for in the way that you choose.
McMurter & Associates has been providing estate planning services to Durham Region residents for over 30 years. Allow us to help you plan for your future to ensure your wishes are carried out exactly how you want. This will help your loved ones navigate the process after you pass away.
To meet with a member of our firm, send us an email or call us at 1-800-756-7138 or 289-278-0934 to schedule a consultation.