Towards the beginning, you’ll find a clickable Table of Contents that will let you jump to the various sections of the document. To give you an idea of what this looks like, I’ve taken some screen shots of various excerpts from the legacy binder. I don’t like to think about it any more than you do, but I don’t want to leave anyone in the lurch if the worst happens. There’s a lot of information to gather, but if it’s not easy for you to do while alive and well, imagine if your partner or child had to piece together as much as possible while grieving your loss or keeping vigil near your ICU bed. Copies of Personal Documents (Social Security, Birth Certificate, Marriage License).Investing strategy (preferably an Investor Policy Statement).Keep that in mind when deciding where to keep it and who will have access. This second binder includes sensitive information that would make an identity thief drool. It may be a good idea to also share a copy with the person you most trust to help your family in your absence, or at least give them a labeled key to the safe.
The second binder is one that should be under lock and key, preferably in a safe. Medical Information (doctors, insurance, POA).The first contains basic family information that does not contain sensitive information that you could store on a bookshelf. The resource I’m highlighting today is actually best prepared as two binders. It can also come in handy if you are incapacitated and unable to function as you did before. What is a legacy binder? Also known as a death binder or legacy folder, it’s a place where you store all the pertinent information that can help your family pick up the pieces if you, your partner, or both of you leave this world unexpectedly. Today, I’d like to share a resource that expands upon that idea and makes it easy to gather all the necessary information to share with your next of kin in the event of an untimely demise. Our friend Ether to FI shared his love letter from a dead man. You can take care of your family’s financial needs with a life insurance policy ( get a term life insurance quote online from PolicyGenius or from one of our trusted agents), but there will be a hundred other questions and conundrums if you were to pass away suddenly and unexpectedly. Will you know where I want my body or ashes to be buried or spread? Or what I loved and will miss most about you?Ī legacy binder like Chelsea Brennan’s Family Emergency Binder can answer these questions and more. Will you still remember why we do the backdoor Roth in January and know how best to take distributions from my 457(b)? How to access our joint taxable account or how the bills get paid every month? My guess is yes, you will remember me, at least for a little while, but will you remember how I manage our money? Before I leave, I’ll be sure to fill out my legacy binder and let you know where it is in the case of an emergency.
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