By: Attorney Maria C. Baler

A recent article published at msn.com, "Documents You Need Before You Die" highlights the importance of organizing your documents now so that family members will be prepared to handle your affairs after your passing.

In our practice we spend a lot of time assisting clients after a family member has died. Although this is never an enjoyable process, one thing is clear from our experience helping clients after a loved one has passed away: the more preparation that has been made prior to death, the easier it is for the family to move forward afterward.  

If the subject of your own death is a difficult one for you to think about or discuss, you are not alone. But think about this - after your death your family will need to act. They will need to identify your assets and debts, determine what benefits may be available to your surviving spouse or family members, file claims under life insurance or annuity policies, and access safe deposit boxes. Real estate must be insured and taxes paid until property can be sold or transferred to heirs. The list of items that must be addressed is numerous and varied, based on the nature and extent of your assets.

One simple step that everyone can take to make it easier for family or loved ones is to create a file or box that contains all of the information they will need to settle your estate and tie up the many loose ends.  Identify the file or box with an obvious label, such as "Information You Will Need At My Death."

Here is a list what items should be included in the file, or, if it is more convenient, include a note explaining where the documents or other items can easily be found:

1. Copies of your current estate plan documents (Wills, Trusts, Powers of Attorney, Health Care Documents) and a note indicating where the original documents are kept (i.e. at an attorney's office, in a lockbox at home, in a safe deposit box, etc.).
2. A list of the bills you pay each month (i.e. mortgage, utilities, car loan) and a list of those paid less frequently (i.e. life insurance, credit cards, real estate taxes), including the name and contact information for the payee, account number, whether you receive paper or electronic bills, and how the bills are paid (i.e. by check, via online bill payment, via automatic deduction and from what account). If paid by check, note where the checkbook is located. If paid online, include instructions on how to access online banking, including website, login and password.
3. A list of your assets. For bank, investment, and retirement accounts, provide the name of each institution, its contact information (including any broker or investment manager), and the account number. If the institution is online only, provide login and password information as well. And don't forget those accounts that you don't use on a daily basis - such as college savings plans, UTMA or UGMA accounts, and all of those forgotten passbook savings accounts that are payable on death to your grandchildren.
4. A list of life insurance policies, annuities, or other assets that will pay a benefit to your beneficiaries or survivors at death, including the name of the company, account number, contact information for the company or your agent, and the named beneficiary.   Also include the original contracts or policies, or a note where they can be found.
5. A list of the names, addresses, and contact information for your current and former employers from whom you may be receiving benefits, or from which pension, group life insurance, health insurance, profit sharing, 401k, stock options, or other benefits may be payable to family members or beneficiaries following your death.
6. Contact information for your health insurance company and your policy number to enable heirs to obtain payment of medical bills received after death.
7. Information regarding your automobile or other vehicles owned, including the vehicle's title or where it can be found, name of insurance company, and information regarding any automobile loan that is still outstanding.
8. Information regarding any disability or long-term care insurance policies that will need to be cancelled, including the name of the company, policy number, agent contact information, and the amount and frequency of the premiums paid. A premium refund may be available to your heirs.
9. A list of all sources of income - Social Security, pension, annuity, child support, alimony, rental income, veteran's benefits - and whether the income is payable by check or direct deposit to a particular account.
10. A list of credit cards and account numbers, so your heirs can easily call and cancel them.
11. A list of any credit card rewards or airline frequent flier programs to which you belong.
12. A note regarding where to locate birth, marriage, or naturalization certificates, divorce decrees, adoption paperwork, military records, passports, and old income tax returns.
13. A list of safe deposit boxes, storage lockers, or other off-site locations where property, documents or assets are located, and how to gain access, including safe combinations or the location of safe deposit box keys.
14. Home alarm codes, where to locate keys to boats, cars, second homes.
15. A list of places in your home or elsewhere where you may keep assets, including the fact that there is a wad of cash in the cookie jar in the cabinet over the stove. Assets like this often remain undiscovered.
16. A list of trusted professionals who can assist your family following your death - your attorney, tax preparer or accountant, financial advisor - and their contact information.

This is by no means an exhaustive list. Your specific situation and assets will dictate what it is your family will need to know when you are no longer available to provide this information. Try to put yourself in their shoes and give them a roadmap.   Once you have this information together, there are two other things you need to do: (1) tell a friend or family member - perhaps the person you have named as your Executor in your Will or attorney-in-fact under your Power of Attorney - that the file exists and where it is kept, and (2) review the information periodically and update it as necessary.

The time you take to put this information together now and keep it updated will greatly benefit your loved ones in the future when it comes time to settle your affairs.