The Money Series - You Are Not Going to Live Forever



What do you think about estate planning? I am still very young… do I need to think about stuff like that? How do I bring it up with my parents? 

It is timely that you ask this question. My mother and I recently had one of these “no one wants to talk about it” conversations.  

“When we pass one day, I want you to be taken care of.” Mom said. 

“No way! You are still very young! 60 is the new 40! Don’t talk about stuff like that. You are going to live forever!” I really didn’t want to bring it up.   

“I am not going to live forever. My dear. No worries. I got everything ready. Let me show you.” My mother responded proudly. To my surprise, she has been thinking about this for quite a while… 

This is how I look at it.  Estate planning is about protecting the people you love in case something happens to you. Just as simple as that. Doesn’t really matter if you are 30 or 60. 

I would highly recommend you seek professional help on this.  There are many legal and tax implications in estate planning.   

Here is a great checklist that my mother and I found. It is a really helpful list to walk through. 

Basic Info

  • Full Name
  • Date and Place of Birth
  • SSN (Ids)
  • Name and phone number of attorney, accountant, insurance Agent, financial planner, etc 

Assets - Account information (account number, company name & phone number) and passwords for the following:

  • Bank accountsInvestments
  • Retirement savingsInsurance policy
  • Annuities or pensions
  • Safety deposit box 

Liabilities - Name and location of lender, account number, current balance and payment due dates for:

  • Credit Cards
  • Lines of Credit
  • Mortgages
  • Car Loans
  • Charitable commitments
  • Other investment obligations 

Business

  • Coworkers’ names and phone number
  • Human resource contact
  • Ownership documentation (operating agreement and contract, etc) 

Home – Average bill, due date and latest copies for:

  • Utilities payment
  • Services payment: paper delivery, cleaning service, etc
  • Real estate tax Any other recurring bills

Others

  • Location of cars and keys
  • Location of home deed/title
  • Location of passport and other identification
  • Location of insurance policy (homeowner, car, disability and life, etc)
  • Location of Will or Trust
  • Location of favorite or memorable things
  • Durable power of attorney for property
  • Durable power of attorney for healthcare
  • List of names for whom to notify (relatives, neighbors, friends, coworkers, associations etc)
  • Obituary
  • Burial Plot 

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12 Responses to “The Money Series - You Are Not Going to Live Forever”

  1. on 13 Aug 2007 at 7:34 pm

    This is a good list for reference.

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