"Financial Notebook"

[mrigney]

I remember a post a while back but can't seem to find it. Basically I"m curious about what people have put together as a "just in case something happens to me" notebook. Basically, something that outlines all of the information that a spouse or loved one would need if you ever bit the dust. I do most of the financial bookkeeping and heavy lifting for my family. My wife is very aware of the day to day state of our finances (e.g. she knows the budget) and the general trajectory of our larger savings, but probably couldn't find all of our accounts if she had to.

What should be included in a notebook like this?
Accounts + password
Life Insurance Info
Title & Deed info to houses, properties, cars
Instructions for accessing anything in my name

What else should be included? Instructions/advice on what to do w/life insurance and other money?

Thanks in advance for everyone's thoughts! (and feel free to point me to other threads...just couldn't find any w/a quick search).

[Travis]

Instructions on how to start using your stash when the time comes.  I'm not entirely clear yet on how we'll do withdrawals once we hit FIRE, and I know my wife doesn't have the first clue. 

Also, how do you pay your bills (utilities, credit cards, memberships, etc)? Does your wife know the websites to go to and the procedures?  I'd hate for the first thing to happen after I'm gone is she gets a handful of late notices.

[RedmondStash]

Thanks for starting this thread; I've been thinking about this too.

All passwords for all accounts, and information about any subscriptions and how to cancel them. Passwords for credit cards too.

[stashgrower]

Contact numbers if you have advisors for your accounts?

[shelivesthedream]

I would NOT put passwords in it. What if it gets stolen?

I would say:
Account numbers
Contact details for each place you hold an account*
Any title deeds or share certificates
List of regular direct debits from your accounts
Any information you use to pay tax (don't know if you have tax reference numbers in the US)
Some very simple instructions about immediate bill-paying and longer-term stash-using. She will potentially be grieving. Nothing complicated.
List of anyone else non-obvious to be contacted in the event of your death and their details (does she know your manager's name and number?)

*If you die, she won't need the password. She will need to contact them, say you are dead, and send them a copy of the death certificate. Then the account can pass over to her/go into probate.

[mrigney]

I like the ideas so far....hadn't thought of locations of titles/deeds. Those would be important. We have a safe deposit box (although I'm thinking about canceling and getting a safe for the house or some other potential solution), but even detailing what we have in the safe deposit box would probably be good.

My goal with it is to make the document/notebook something that is easy and doesn't require a lot of thinking. Because all of you are right...if it ever has to be used, it's probably going to be used in a time of grief and unexpected death.

Subscriptions are good. Hadn't thought of that. We don't really have any, but I should think about whehter I'm forgetting anything. My biggest concern, honestly, isn't the long-term picture. W/the right amount of term life insurance, this isn't (shouldn't) really be a problem. My immediate concern would be more related to the immediate aftermath, making sure bills get paid, making sure she has access to money that she needs, etc.

Contact info for supervisors is also good.

Always welcome to more ideas!

[RedmondStash]

Oh, another thought: passwords for social media accounts to reach people so they know of the person's passing, especially for those introverts who don't really keep in touch in other ways.

Not exactly about finances, but relevant.

I get that passwords could be stolen; I mean having them written down on paper, and then keeping the paper someplace safe. I wouldn't store them online, but I want to make things as easy on my spouse as possible in such an event. And vice versa. I have a feeling that the last thing I could deal with in the event of that type of loss is sending copies of death certificates to companies to cancel or change ownership of things. But as with all things, YMMV.

[mrigney]

Yep, agreed @RedmondStash.

So my solution the password storage is to in essence have a decoder ring. I have phrases/names/etc in the online document I'm creating that link to an actual, physical sheet that I have here at the house w/passwords physically written down.

Could it be stolen? Sure. But what're you going to do? I mean, we live with risk in all areas of life. That's a risk that I"m willing to take for multiple reasons.

[RedmondStash]

Yep, agreed @RedmondStash.

So my solution the password storage is to in essence have a decoder ring. I have phrases/names/etc in the online document I'm creating that link to an actual, physical sheet that I have here at the house w/passwords physically written down.

Could it be stolen? Sure. But what're you going to do? I mean, we live with risk in all areas of life. That's a risk that I"m willing to take for multiple reasons.

Yeah, that's pretty much how I see it too. Mitigate risk as much as possible, but not to the point of harming benefit.