Protect yourself and your loved ones

Financial Affairs

Here you will find a list of the most common financial assets and the records kept for each.  Some of you will have a few and some of you will have more.

  • Checking, Savings, and Credit Union Accounts: These accounts are the center of daily finances. Beneficiaries should be aware of the existence and details of these accounts, including account numbers and financial institutions.
  • Investment Accounts: Include a comprehensive list of investment accounts, such as brokerage accounts, mutual funds, and stock portfolios. Beneficiaries need to know about these investments and potential implications upon inheritance.
  • Business Income: If you have a business, inform beneficiaries about any business income, including profits, dividends, or ownership shares. Share details of business ownership and succession plans.
  • Asset Investments (e.g., Gold, Collectibles): Document details of non-traditional assets, such as precious metals or collectibles, and inform beneficiaries about their value and how they should be managed or sold.
  • Pensions (Corporate, Business, or Military): Specify your pension plans, including those from corporate, business, or military service. Inform beneficiaries about potential survivor benefits and the contact information for pension administrators.
  • IRA Accounts: Include individual retirement accounts (IRAs), detailing the account types (Traditional, Roth, SEP, etc.) and the beneficiaries designated for each. Beneficiaries should understand the rules regarding inherited IRAs.
  • Disability Accounts: If you have disability accounts or benefits, provide beneficiaries with information on how to access and manage these accounts if needed.
  • Trust or Inheritance Income: Share information about any trusts or inheritance income. Beneficiaries should understand their entitlement and the conditions governing these funds.
  •  Debts to Be Paid from Estate: Make a list of outstanding debts and obligations that need to be settled from the estate, such as mortgages, loans, or unpaid bills.
  •  Child/Spousal Support: If you are responsible for child or spousal support, inform beneficiaries about these obligations and the arrangements in place to ensure continued support.
  •  Business Succession Plan: If you own a business, provide details about your business succession plan, including the designated successors and the transfer of ownership or management.
  • Intellectual Property: Intellectual property ownership is an asset many people don’t consider protecting and passing to the heirs. Intellectual property refers to art work, symbols such as logos, designs, etc.  Websites, podcasts, ebooks and video courses are also intellectual property.

Maintaining a well-organized record of these financial accounts and considerations is crucial to ensure a smooth transition for your beneficiaries. Regularly update this information as circumstances change, and communicate your intentions and wishes clearly to your loved ones.