What You Can Do Now, to Make It Easier Later
Love takes many forms. The English writer C.S. Lewis spoke of "the four loves," but there are surely many more than that. And one of them is getting your financial and legal affairs in order so that someone else can take care of things if you die or become disabled.
After all, the bills don't go away, just because there has been a change in life circumstances. In fact, there may be more bills to pay - medical bills, funeral expenses, and so on.
In cases of death or disability, there are also often numerous issues to be resolved regarding ownership or management of property. Even something as simple as getting the house titled in the name of the surviving spouse requires proper paperwork involving the deed or title, death certificate and any other relevant documents.
Steps You Can Take
So how do you begin to set the stage properly for someone who will need to act in your stead?
One good way to facilitate the process of someone stepping into your legal or financial shoes is by making sure the necessary documents and other paperwork can be readily accessed. Make sure someone you trust has access to your passwords and key documents.
This typically includes items such as:
•· Bank accounts
•· Healthcare directive (living will)
•· Will
•· Power of attorney
•· Insurance information, particularly health insurance
•· Mortgage information
•· Investment information
•· Deed to house (title)
•· Car title(s)
•· Passwords
•· Social Security number
It's a good idea to create a mechanism for gathering and storing these records in a secure location that is accessible to a close family member or another responsible party. The place doesn't necessarily need to be the traditional safety deposit box in a bank or other financial institution. For some people, a well-marked envelope in a desk drawer, with instructions to open when needed, could suffice.
Keep in mind that it can create problems if you rely too much on computer accessibility. Make sure to print out copies of bank statements and other important on-line documentation. Taking this step now will make it a lot easier to keep things in order later. This is especially the case if there are any problems with passwords or other delays in gaining computer access.
Conclusion
If you have any questions about how to go about gathering these materials, talk to an experienced estate planning attorney. A lawyer can help you get the proper paperwork ready for the life transitions you face.
It's best to be ready, because those transitions can come at any time. Consider taking care of these details to be an act of love, performed now in order to make it easier for your loved ones later.
From our law offices in Hackensack and Manhattan, Kirsch Gartenberg Howard LLP has served individuals and businesses across northern New Jersey, including Bergen County, Essex County, Union County, Middlesex County and Passaic County, and the five boroughs of New York City since 1984.
