Start Getting Your Financial Affairs in Order by Taking These Estate Planning Steps

When you get older, getting your financial affairs in order through the estate planning process is not only a wise move, but a beneficial thing you can do for your family. As part of this process, you should collect all your important legal, financial, and personal information.

Here are a few areas to focus on when you start to put your financial affairs in order:

• Contacts--Compile a list that includes the names and phone numbers of doctors, lawyers, close friends, brokers, and insurance agents.
• Medical information—Create a list of all medications you take, along with any illnesses and allergies you have.
• Personal documents—These include things like your Social Security card, birth certificate, tax records, marriage license, etc.
• Digital assets—Make a list of all your digital assets, which should include things like passwords to your online banking and social media accounts.
• Pets—Give instructions for your pet’s care.
• End of life—Note your wishes for tissue and organ donation and put together your instructions for your funeral, including if you already have pre-made arrangements with a funeral home.
• Wills and trusts—Include copies of your will and other important estate planning documents.
• Financial accounts—Make a list of your brokerage, mutual fund, bank accounts, and other financial accounts.
• Debts and liabilities—State any leases, debts, or loans you have, including things like medical bills, credit card debt, student loans, and mortgages.
• Insurance—Compile a list of all the policies you own, such as long-term care, home, auto, life, and other policies.

Put together all this information and then store it in a safe, secure location, like a safe deposit box. Let someone you know and trust where this information is and how to access it.