Key Financial Documents to Share With Your Heirs
Gather information that loved ones will need to be able to access your financial life after you're gone.
To ensure that your heirs have easy access to your financial life, leave them a road map. These documents can be stored online (Amy Goyer, a home-and-family expert at AARP, recommends AboutOne.com or Dropbox.com), as long as you share your log-in and password with your kids, but keep a paper copy in a safe place in your house. Worried about burglars or prying eyes at a cocktail party? Stash all the paperwork in a plain binder and tell your heirs where to find it.
Financial accounts. With online banking and bill payments, it's easier than ever to move money around but harder for your heirs to find out what's where. Prepare a list of all your accounts (bank, credit card, investment and retirement), as well as household bills and insurance (health, home and auto), and update it once a year. The list should include account numbers as well as log-ins and passwords.
Legal documents. Give a copy of your wills, trusts and powers of attorney (financial and health care) to anyone named or authorized to act on your behalf, and store the originals at home; otherwise, your children could have trouble getting them at the critical time. Use any major life change as an opportunity to review these documents and update them, if necessary.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Your team. From your tax guy to your financial planner and attorney, these folks know what's going on with your money and your estate plan and can help heirs later on. List names, contact info and what they do for you. Even better: Introduce your kids to them. "If you're going to build this beautiful plan with your advisers, your kids should meet with them," says Doug Orton, a vice-president with money-management firm MFS. After you're gone, your children will be more comfortable working with a team they know.
-
Use An iPhone? You May Be Hearing From A Class-Action Lawsuit Group
A handful of suits against the iPhone maker seek to crack down on everything from app store purchases to messaging.
By Keerthi Vedantam Published
-
Capital One/Discover: What's In Their Wallet For You?
Push back on Capital One's planned merger with Discover is growing with one group of consumer advocates calling for a public hearing.
By Keerthi Vedantam Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
SEP IRA Contribution Limits for 2024
SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 a year.
By Jackie Stewart Published
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Published
-
SIMPLE IRA Contribution Limits for 2024
simple IRA The maximum amount workers at small businesses can contribute to a SIMPLE IRA increased by $500 for 2024.
By Jackie Stewart Published
-
457 Contribution Limits for 2024
retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
By Jackie Stewart Published
-
Roth 401(k) Contribution Limits for 2024
retirement plans The Roth 401(k) contribution limit for 2024 is increasing, and workers who are 50 and older can save even more.
By Jackie Stewart Published
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel Procrastinator? No matter. You can pull off a fun and memorable getaway on a moment's notice — without breaking the bank.
By Vaishali Varu Last updated