{"id":151,"date":"2010-04-13T02:02:35","date_gmt":"2010-04-13T02:02:35","guid":{"rendered":"http:\/\/www.myfinancialfocus.net\/mainsite\/?p=151"},"modified":"2025-08-24T06:39:16","modified_gmt":"2025-08-24T10:39:16","slug":"estate-planning-part-ii","status":"publish","type":"post","link":"https:\/\/www.myfinancialfocus.net\/mainsite\/index.php\/estate-planning-part-ii\/","title":{"rendered":"Estate Planning – Part II"},"content":{"rendered":"

As we wrote last time, preparing for our earthly departure is not something that we want to think about day in and day out.\u00a0 However, it is important that we do some planning\u00a0\u00a0 Not only is it important, but it will help those that we leave behind in a much better position to carry on.<\/p>\n

There is one thing that will compliment all the items that were suggested in the last article.\u00a0 This one item will really show those around you how much you love them.\u00a0 In fact, I call it the \u201cLove File\u201d.\u00a0 Every home needs one.<\/p>\n

Most couples have the \u201cprimary\u201d spouse \u2013 the one who typically takes care of all the necessary documents.\u00a0 The other spouse is often left out, not because they do not have a need to know, but because we just don\u2019t get around to it.\u00a0 Having a \u201clove file\u201d will leave all the pertinent information, or directions to that information, in one location to be retrieved in a quick manner.<\/p>\n

While the primary reason for this file is for when we are gone, recent disasters have shown us it is a quick, timely way to keep track of our personal information if we were forced to leave our home quickly and needed to grab the important \u201cstuff\u201d.<\/p>\n

What do we need in this folder?<\/p>\n

    \n
  1. The Master Document \u2013 just an overview of all the documents listed in the file.\u00a0 Some may call this an executive overview.<\/li>\n
  2. Account Information \u2013 a complete list of all checking, savings, investing and other financial accounts and account information<\/li>\n
  3. Benefit Documents \u2013 a complete listing of all benefit information.\u00a0 Many spouses have no specific information on items from their spouses benefit plans \u2013 health insurance, life insurance, short\/long term disability, 401(k)\/403(b) plans and anything else that may be important in this area.<\/li>\n
  4. Assets and Liabilities \u2013 a complete listing of all assets and all liabilities.\u00a0 Any information specific to those items should also be listed.<\/li>\n
  5. Directions on Handling any Business Assets \u2013 if you have a vested interest in a business or partnership, any specific instructions should be documented here.<\/li>\n
  6. Copies of Wills, Living Wills, Powers of Attorney and Health Powers of Attorney copies of those documents, or specific instructions on where to find those documents will again help take some stress out of the situation.<\/li>\n<\/ol>\n

    Make it a scheduled task to update this information any time information changes and definitely once a year.\u00a0 A good time to remember to update the file is every year on your birthday \u2013 one day most of us keep track of.<\/p>\n

    Place this file where it is secure, but accessible by the family members who may need to the information at some time.\u00a0 It will be those that you love the most who will find this information helpful at a time when they need it the most.<\/p>\n","protected":false},"excerpt":{"rendered":"

    As we wrote last time, preparing for our earthly departure is not something that we want to think about day in and day out.\u00a0 However, it is important that we do some planning\u00a0\u00a0 Not only is it important, but it will help those that we leave behind in a much better position to carry on. […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-151","post","type-post","status-publish","format-standard","hentry","category-legal"],"yoast_head":"\nEstate Planning - Part II - Financial Focus<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.myfinancialfocus.net\/mainsite\/index.php\/estate-planning-part-ii\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Estate Planning - Part II - Financial Focus\" \/>\n<meta property=\"og:description\" content=\"As we wrote last time, preparing for our earthly departure is not something that we want to think about day in and day out.\u00a0 However, it is important that we do some planning\u00a0\u00a0 Not only is it important, but it will help those that we leave behind in a much better position to carry on. 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