It was a phone call I hoped I’d never get.
Just last year I enjoyed a series of conversations with a man who lived across the country from me, but technology allowed me to help him start a Private Family Bank despite the distance. Since we build these banks on highly modified whole life insurance platforms, his bank had the added security of a death benefit.
Surely he wouldn’t need it for a long time. He was always chipper and full of energy when we talked.
Yet, here I was, less than a year later, talking to his widow, helping her through the process of obtaining that death benefit for their 3 girls.
That conversation got me to thinking
Although I was gratified that the policy would help ease his family’s financial stress, I wondered what would happen if I was suddenly gone?
Yes, I have a nice, fat Private Family Bank of my own, so my wife would be financially OK…but would she know where to look for the policy? And what about our investments? Would she have any idea how to contact each of the institutions or businesses through which we made them and hold them?
How about all our banking information and other financial accounts? How about all the professionals we deal with, like lawyers, accountants, etc?
She would need immediate access to a lot of scattered information
Years back I had seen a document designed to centralize all the who, what, where, when, information. I remember wanting to fill one out, but I got sidetracked. Now my client’s unexpected death, and his wife’s disorientation, brought the need front and center again.
So I built an information centralization document for my family, and I want to give this 17-page crucial information repository to you, so that your loved ones won’t be left with a huge puzzle to solve, if you are incapacitated or pass away.
Fill it out right away. If it gets lost in a pile of other stuff, you may lose the momentum for years. I did.
Trust me, you’ll sleep better knowing all your important information is aggregated to this one document. Just don’t put it in a “Safe Place” that even you can’t remember. And be sure to tell whoever will have to pull all the pieces together, if you are suddenly out of the picture, exactly where you store this document.
Oh yeah…put it where it can’t burn with the house.