Each of us has personal information that our executor or representative would have to know if we were to pass away or become incapacitated. Should the unthinkable take place, it is important to make sure that this data is available so that your affairs can be handled in an efficient manner.
Of course having our personal information organized is very relevant to those who have reached their senior years. It is something to think about even if you are a bit younger because you never know what the future holds. Even if you were to be incapacitated temporarily you would need someone to take care of your affairs, and this individual would need certain types of information.
You can record your pertinent information in an electronic file, but it is also a good idea to keep a hard copy so that there is something to fall back on in the event of a computer crash or disaster.
If you do have a hard copy make sure it is well protected and secure because we are talking about some very sensitive information.
In addition to letting your representative know about your financial assets and responsibilities, physical items like keys and practical items like property maintenance schedules are details to consider.
To be sure you are not overlooking any important details you may want to go over all of these issues when you are working with your estate planning attorney to draw up your plan.
Author, President and Founding Attorney
Parman & Easterday
Parman & Easterday are members of the American Academy of Estate Planning Attorneys.