As long as I am sending out friendly reminders, this is a good time to start printing monthly paper-copies of your assets (IRA, 401-k for example). Any documentation is a million times better than no documentation after inexplicable soft-ware glitches happen.
Put the paper copies in a folder in the most fire-proof and flood-proof place you have handy. Use good, acid-free paper.
And not in the safe deposit box at the bank.----ken
ReplyDeleteI recommend keeping paper copies of statements and bills for at least a year - they are a handy reference to remember what you paid or what past usage was.
ReplyDeleteWhile many can be accessed on company websites, sometimes it's a pain and some sites only keep documents available for short times.
If you are elderly or in poor health, make sure your friends or heirs know where to look for documents. Some people suggest bagging them and keeping in the freezer since its fireproof.
Jonathan
Set up a revokable trust.
Delete...to avoid probate.
DeleteCopies of documents AND keeping beneficiary assignments up to date. Not doing that makes going through probate a right pain.
ReplyDeleteMy wife is executor for an estate and she had to fight T Rowe Price for almost a year AFTER probate was opened and she was officially executor to get a large account closed so it could be distributed as directed by the will.
I've been trying to settle my late brother's estate for right at four years now. The sticking point is a bank account he had before his divorce that was named in his corporation. After his divorce and the corporation was dissolved, he didn't change the "corporate account into a personal account and we've been fighting the bank to get the money, a quite sizable sum, transfered into the estate account for dispersal.
DeleteI second the recommendation about keeping important documents in Ziploc baggies. We have ours in a suitcase like you'd use to transport a handgun in if you were taking a flight, and it is locked inside the gun safe.
Good Reminder ERJ!
ReplyDeleteAlso, make a scan of the various cards in your wallet (front and back), keep in a safe place. If you ever lose your wallet, or it is stolen, this info will be invaluable.
ReplyDeleteAnd make sure that your spouse knows where all of the important stuff is.
plastic bags around the folder and stash in the freezer.
ReplyDeleteFire resistant and unlikely to be stolen.
Much of fire damage is actually water damage from the firefighters.
The motto of our local Volunteer Firefighters is "In 120 years of fighting fires, we have yet to lose a foundation"
DeleteFrom experience:
ReplyDeletePut the important papers inside a large ziplock bag as well.
If the firefighters are doing their job, they will apply large amounts of water with great vigor.
Fireproof safes are generally not waterproof.
YMMV
Bachelor BIL set up two funds for the only nephew & niece at the time. Now he passed, and the other 7 subsequent nephews & niece are all left out of that pool. Update your beneficiary lists.
ReplyDeleteWe would rather still have Him, but that $1,000,000 term life insurance check was a pleasant surprise.
Jerry
If you don't have a printer at least download them regularly and save copies to a jump drive or two. PDF format is a good format to save them in.
ReplyDelete