Ten years ago, I was preparing for a journey to climb Denali in Alaska.It was the most extreme mountaineering adventure I had ever attempted, and so I figured it was time to get my affairs in order. That’s when the “If I Fall Off a Mountain” document was born.
If I didn’t return, would my family be lost? No. Sad? Well, I hoped at least a little.
I printed out a document that I’ve since updated many times. Every person’s situation will warrant inclusion of different information and documents, but here’s what I included in mine:
- Location of key documents, including trust, wills, and business arrangements
- Location of insurance policies, including life insurance
- Mortgage details and property tax due dates
- College funds and contribution schedules
- Retirement accounts and instructions for handling mine
- Life insurance policies and how to use the proceeds
- Instructions on canceling policies like disability and auto insurance
- A list of all credit cards
- Bills and how they are paid (e.g., autopay on Visa)
- A list of trusted advisors, including accountant and financial planner
- Bank account information
- Frequent flyer and hotel rewards account details
- Miscellaneous websites with small balances (e.g., PayPal, Venmo, DraftKings)
- Instructions on collecting Social Security benefits for a minor child until age 18
- Instructions on how to adjust the trust and remove a trustee
I’m sure there are things I’ve missed, but this is a big step toward providing direction to a widow. I would also expect her financial planner to help organize and facilitate many of these tasks—just as I have done for many clients in the past.
Hopefully, with proper preparation, when she asks her planner the question,“Am I going to be okay?”the answer is a definitiveyes.