The older we get, the greater the tendency for us to think about what lies ahead in our immediate future, i.e our death. No one physically lives forever so literally every day is one day closer to the end of our lives. We buy life insurance knowing we will die someday and knowing when we do, we have provided a financial windfall for our survivors. If not through life insurance, we provide for our family’s financial well-being after our passing by writing a will or establishing a trust for the smooth transfer of our wealth to our heirs. These important legal documents are prepared by attorneys or estate planners and establish the steps our heirs should take to carry out our wishes after we are no longer capable, either by death or incapacitation. It spells out the specifics of the transfer of money, personal property assets, and keepsakes to the heir of our choosing.
All of this is a process that is well-organized and established and is laid out clearly in the legal documents (the will or the trust) the deceased has prepared. These documents, with no uncertainty, verify how financial assets are to be distributed, who gets which personal items or keepsakes, and what the deceased desires be done with their dwelling, automobiles, and personal valuables. But when this time comes, do the heirs have all the information they need to be able to complete these tasks? Do they have the names, numbers, paper work, and account information they need to finalize the distribution? Do they know what your funeral/memorial ceremony wishes? Is all this information recorded where it can be quickly retrieved? The answer is “sometimes yes, sometimes no.”
I have prepared a document I call, “When Bill Dies.” It was originally called “If Bill Dies,” but it was pointed out to me that death is unavoidable and the document should be titled “When” rather than “If.” This document is nine pages long and contains the following information:
Complete current demographic information, past addresses, family information, place of
birth, pass codes, gate access codes, and passwords for William Gilkison MD
All government ID information—SSN, driver’s license numbers, passport number
Complete demographics on children, grandchildren. spouse
Wedding and marriage details
Education details, professional information—license, DEA, NPI numbers
Military history
Professional office details—addresses and dates of occupancy
Insurance policy details—account/policy numbers
Banking information—account numbers
Retirement Account Info—Acct. numbers, acct details.
Real Estate owned—home and mortgage information
Automobiles owned, location of titles.
Home mortgage details
Location of will and trust documents, other important papers
Names and contact info of professional advisors-CPA, financial advisor, insurance agt
Detailed funeral, burial information
Wishes for funeral, cremation, burial
Individuals to call when I die
Instructions on how to access bank and financial account websites
How to pay bills online.
AND MORE.
I have provided my wife and both children with a copy of this document for them to read and reference when necessary. I update it every several months or whenever something happens that requires an alteration. With this paper, whatever information they need, or answers to questions is easily accessed. I encourage you to do the same and help your family be prepared should the unexpected occur. Go over the list with them so confusion is avoided and your wishes are crystal clear. This also simplifies completing tasks at the end of my life. It provides important information at a glance and can be amended or edited at any time.
William M. Gilkison MD
