Jerry Taylor explains why you should write an informal letter listing your bank accounts, passwords, insurance policies, and digital access information. It won't replace a will, but it saves your family weeks of searching through your finances after you die.
At some point in life, each of us needs to write a "I'm sorry I died on you" letter. Whether you're married, have a partner, or just for the important people in your life, you could start the letter out like this: If you're reading this, I must be dead. Sorry about that. I'm very serious about this. It's just an informal letter. It's not legally binding, but it may be more important than your will or your trust. This letter is where you should list out all of your financial accounts with the account numbers, login information, all your bank accounts, credit cards, investment accounts, insurance policies. Should also list all the accounts for all the bills you pay every month, how to get into your computer, how to get into your phone. If you've got a master password account, definitely put that on there. Social media accounts, if you've got them, clearly set out what you want to happen to those as well as how to get into them. This will save the people you leave behind a ton of work, and your estate planning documents typically do not include this information. This letter will provide immediate access into all these areas that would otherwise take weeks to put together. So do it. Then go to my profile page, link
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