Friday Financial Tidbit-Your last act of love towards your family

It is weird to write about dying, especially on a financial blog. But the fact is that five out of every five people end up dying. The question you need to ask yourself today is, if you died today would your heirs know where to find your will? Would they be able to easily find out all the different accounts you have, what bills you had monthly, what insurance policies you owned? Or would they have to scramble around the house trying to go through piles of paperwork to find out how many bank accounts you had?

If your documents are scattered all over the place, consider taking some time and getting all your important life documents in one place for your family. Include your will, bank accounts, retirement accounts, life insurance information, list of debts, along with titles and other important documents and bundle them all together so they are in one spot. In addition, let your heirs know where that information is stashed so when you die, they’ll be able to find it instead of searching the whole home.

So even if you have little in the way of assets, still do a will. Grieving through the loss of a loved one is stressful enough as is. So do not make it even more stressful by forcing your heirs to figure out what you own and what you owe. Make your last act of love by compiling all your financial information into one spot for your heirs. Take the time this week to put one together if you have not done so already.

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