Having your financial papers and account information organized gives clarity about income, bills and savings. Your Successors will use this information to manage financial matters when you are no longer able to do so. Making it easy for them to quickly access the information when the time comes should ease your mind as well as theirs. 

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Why it Matters

At some point, someone will have to pay your final bills and close your accounts. They will need to apply for insurance benefits and stop retirement benefits. Having financial information neatly compiled and accessible will make it easier for Successors to handle your care if you become incapacitated, and to settle your estate when you pass away. Whether you compile the information on your own or in collaboration with your Successors, be sure to document it in a way that is simple for someone to navigate. 

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What You Can Do

• Make sure a trusted Successor knows where you keep your financial records.

• Complete a Financial Accounts worksheet, listing information about any organization that sends you bills or payments, such as creditors, subscription services and employers. Also include information about your bank accounts.  Fill the worksheet out a little at a time or set goals to complete a certain amount each day or week.

• Work on it alone or with a loved one who can assist. It might be particularly helpful to compile the information with the person who will handle your estate when the time comes.

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NOTE: I do not recommend including account passwords on the worksheet. If you have a hard copy file folder for each account, you can write the password for each account in the hard copy file folder. You can also store passwords in a password manager app, or make a list of them on paper, recognizing the need to keep the list safely secured. However you store passwords, make sure to share access information with the person who will handle your estate; online accounts could become locked or misused if your Successor cannot access and/or close them after you are gone. If you use multi-factor authentication, remember to also let a Successor know how to unlock your mobile phone and computer.

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Ready to take action? Select your worksheets here