Remember to Leave a Financial Trail

I need five file cabinets. (Oh dear!) I have everything online. (Who knows what?) There is a middle ground! The important thing to remember: will a loved one be able to find the needed item when it is needed? Don't leave your loved ones guessing. Leave your financial trail (or start creating one for your parents) and avoid a crisis later.

What Type of Account?

You may have one or multiple accounts. It’s a good time to take inventory of everything you own. Make sure your beneficiaries are current. Here are some examples of account types:

• Banks: Do you have accounts at multiple banks? Safe deposit box?

• CDs: Have you changed banks or have multiple CDs with physical or online banks?

• Retirement: You need statements from all employers and/or personal retirement accounts.

• Investments: Remember other income sources from stock plans, HSA accounts or trusts.

• Life Insurance Policy: Do you have multiple policies? 

Where is it?

Is it a physical or online institution? Did you change banks? Does your current bank have a new name? Make sure you are keeping current and accurate information on the location of your assets.

How to Access the Account?

Leave detailed instructions on who can access your financial accounts and how to do it. Include usernames, passwords, telephone numbers and the odd question to answer.

You might have more accounts than you thought. That's great news! Now make sure that you and a loved one have proper access to these accounts in a time of emergency or death. The saved time with your completed financial trail will be a big sigh of relief so you can focus on what matters.