If the Dog Can Find Your Documents, Your Family Should Be Able To, Too
One of the first things I tell clients is that their important documents need to be accessible when their family needs them. Recently, our foster puppy Michael had his own interpretation of that advice. I walked into a room to discover him proudly carrying around a stack of legal papers in his mouth. Apparently, he had decided it was time to conduct his own document review.
While it wasn’t exactly what I had in mind, it did remind me of an important estate planning lesson. Too often, people spend time and money creating wills, trusts, powers of attorney, and other important documents, but they never tell anyone where those documents are located. As a result, when an emergency happens or someone dies, family members find themselves on a scavenger hunt.
The Hidden Problem With Estate Planning
Most people think estate planning is about signing documents. In reality, signing the documents is only the beginning. I’ve worked with families who knew their loved one had a will but couldn’t find it. I’ve worked with adult children who knew their parents had powers of attorney but had no idea where they were stored. I’ve seen executors spend months tracking down bank accounts, insurance policies, and online accounts because no one left a roadmap.
The result is often unnecessary stress during an already difficult time. Your estate plan only works if the right people can find the information they need when they need it.
What Your Family Needs to Know
At a minimum, someone you trust should know where to find:
Your will or trust
Financial powers of attorney
Healthcare powers of attorney
Advance directives or living wills
Your medications and physicians
Life insurance information
Bank and investment account information
Password management instructions
Information about real estate and business interests
Contact information for your attorney, financial advisor, and accountant
This doesn’t necessarily mean handing over all of your passwords or account numbers today. It means creating a system that allows the right people to access the information if something happens to you.
Make It Easy on the People You Love
One of the reasons I created The Death Readiness Playbook was to help families organize this type of information before a crisis occurs. When someone becomes ill, loses capacity, or dies, family members are often forced to make important decisions while dealing with grief, stress, and uncertainty. The last thing they need is a treasure hunt for documents.
A Good Test
Ask yourself this question: If something happened to me tonight, would the people I love know where to find my important documents and information?
If the answer is no, that’s a problem worth solving.
Estate planning isn’t just about having documents. It’s also about making sure the right people can actually find them when they need them. And preferably before the dog does.
P.S. Michael may not be qualified to review legal documents, but he is qualified to steal hearts. He’s currently available for adoption through Detroit Dog Rescue.
