Facing our mortality is never easy, but planning for it can provide immense peace of mind. Chris and Karl Wiegers, in their insightful article, share their approach to organizing their affairs in a comprehensive ‘Left the Building’ binder. This Money Savvy article delves into the importance of end-of-life planning and how you can create a similar binder to ease the burden on your loved ones. By addressing crucial aspects like legal documents, financial information, and personal wishes, you can ensure a smoother transition for those left behind.
This guide will walk you through the essential steps to create your own ‘Left the Building’ binder, inspired by Karl and Chris’s meticulous preparation. We’ll cover everything from gathering vital documents to outlining your final wishes, providing a clear roadmap for organizing your life’s details. Let’s begin demystifying the process and empower you to take control of your end-of-life planning.
Who Ya Gonna Call? Notifying the Right People
The initial hours and days following a death are critical for notifications. The ‘Left the Building’ binder should contain a clear list of individuals and organizations to contact. Start with the primary contact person, such as the alternate personal representative or executor. Then, create a checklist of essential notifications:
- Organ donation organizations (if applicable)
- Financial institutions: attorney, trust company, financial advisor, accountant, banks, investment firms, and credit reporting bureaus
- Insurance providers: life, health, home, auto, and liability insurance companies
- Government agencies: Social Security, Medicare, Department of Veterans Affairs, and Department of Motor Vehicles
- Employers and businesses: past and present employers
- Service providers: in-home health care aides and other ongoing services
Include contact information for family, friends, neighbors, and relevant organizations like churches or clubs. Having this information readily available minimizes stress and ensures timely notifications during a difficult period.
Getting Personal: Biographical and Key Document Information
This section focuses on gathering essential biographical information and locating key documents. Include details about immediate family members (parents, children, siblings), former spouses, and the location of crucial documents like birth certificates, marriage certificates, and passports. List important personal numbers such as Social Security, driver’s license, and passport numbers.
Store copies of these documents in the binder using plastic sheet protectors. If original documents are stored elsewhere, such as a fireproof safe or safety deposit box, clearly indicate their location. Additionally, include information about dependents, such as children, pets, or anyone relying on the deceased’s support.
If retired, include contact information for former employers, especially if pensions, retirement savings plans, or medical insurance are involved. Also, provide details about any volunteer services performed.
Business Administration: Handling Self-Employment Matters
For self-employed individuals, this section is crucial. Provide all necessary information to handle the business after your departure. Include institution names, account numbers, and online account user IDs and passwords (if appropriate) to facilitate the following:
- Notifying customers, clients, business partners, and professional organizations
- Terminating or transferring bank accounts, credit cards, and online financial services
- Dealing with employee matters
- Changing or deactivating email, websites, and online accounts
- Filing tax returns and making estimated income tax payments
- Transferring ongoing revenue streams
- Deactivating or modifying automatic payments
- Transferring or closing the business, including notifying relevant agencies
Memberships and Subscriptions: Canceling Unnecessary Services
Compile a list of all memberships, rewards programs, catalogs, and subscriptions. Include account numbers and contact information for stores, airlines, car rental companies, hotel chains, AAA, AARP, newspapers, and magazines. This list will help someone cancel or change these services as needed, preventing unnecessary charges and clutter.
Service Providers: Household and Personal Contacts
List all household service providers, utilities, and personal service contacts. Include names and contact information for plumbers, landscapers, electricians, internet providers, medical professionals, and other essential services. This information is invaluable for maintaining the household and managing ongoing needs.
Powers of Attorney: Essential Legal Documents
Include copies of essential estate planning documents in this section. Key items to consider are:
- Advance directive for health care
- Authorization for release of protected health information (HIPAA)
- Health care power of attorney
- General durable financial power of attorney
Also, include statements of wishes regarding organ donation and contact information for relevant organizations.
Final Arrangements: Planning Your Memorial and Burial
Outline your preferences for memorial services, burial, or cremation. Include details such as:
- Location for memorial service or funeral
- Guest list and invitations
- Ceremonies, speakers, and music preferences
- Photos to display and recipients of memorial donations
- Burial or cremation instructions, including casket or urn preferences
- Description of headstone or burial marker, including inscription or epitaph
- Details about apparel and jewelry to wear
- Location of interment
Prepare a signed document designating who has the authority to make decisions regarding the disposition of remains. Additionally, include information for writing an obituary and where it should be published.
Estate Plans: Wills, Trusts, and Beneficiaries
This section contains critical estate planning documents. While you may not include original documents, provide information about their location. Consider including:
- Wills and trust documents
- Trustee affidavit and certification of trust
- General assignment of assets to the trust
- Contact information for beneficiaries
- Information about third-party estate resolvers, such as trust companies
- Personal property memorandum for specific items
- Copies of letters to personal representatives
Insurance Matters: Policies and Contact Information
List all insurance policies, including life, long-term care, health, homeowners/renters, and auto insurance. For each policy, include the insurance company, contact information, policy number, owner, and location of the policy documents. This information is crucial for filing claims, canceling policies, or retitling joint policies.
Money Matters: Financial Accounts and Assets
Provide a comprehensive overview of all financial accounts and assets. Include:
- List of bank, brokerage, and financial manager accounts
- Information about home safes or safety deposit boxes
- Description and location of financial instruments like stock certificates
- Details about retirement assets (IRA, 401(k), pensions)
- Credit and debit card information
- List of automatic payments
- Information about debts owed and debts others owe to you
- Real estate information, including deeds and mortgages
Include instructions for reporting a death to credit reporting bureaus and contact information for tax preparers.
Electronic Devices and Online Accounts: Digital Estate Planning
Document all online accounts, access URLs, login IDs, passwords, and security questions. Identify accounts requiring multifactor authentication and provide necessary authentication information. Include passcodes for phones, computers, and Wi-Fi networks.
Also, record information about cloud storage, online backups, external hard drives, USB drives, cryptocurrency wallets, and digital payment services. Describe how to access password managers and any modifications needed to access sensitive accounts.
Other Useful Information: Miscellaneous Details
Include information about motor vehicles, keys, and valuable possessions. Provide registration information, location of titles, and details about outstanding loans for vehicles. List locations of keys for houses, safety deposit boxes, and other secured storage facilities. Document any items of significant value, such as jewelry, artwork, or family heirlooms.
Keeping It Current: Regular Updates
Regularly update the ‘Left the Building’ binder to ensure accuracy. Review and revise the information annually, especially concerning online accounts, passwords, service providers, and family compositions. Keeping the binder current is essential for its usefulness to your successors.
Conclusion: A Thoughtful Gift to Your Loved Ones
Creating a ‘Left the Building’ binder is a profound act of love and responsibility. By taking the time to organize your affairs, you provide clarity and ease the burden on your loved ones during a challenging time. Karl and Chris Wiegers’ approach offers a valuable framework for preparing for the inevitable and ensuring a smoother transition for those left behind. Embrace this process and empower yourself to plan for the future, securing peace of mind for you and your family.
Leave a Reply