The list includes financial assets and institutions, insurance policies, and pensions, as well as account numbers, people to contact, and some key instructions to follow. Include insurance policies, agents, and account numbers. Financial Institutions Include banks, mutual fund companies, insurers, or brokerage firms. Account numbers and registration information should be noted, too. Advisers Record names and phone numbers of attorneys, tax advisers, or financial planners you have consulted.
Instructions Provide instructions for important issues.
For example, offer advice on whether to take a pension distribution as a lump sum or suggest how to pay monthly expenses. In the case of a spouse's death, even a moderate degree of preparation can be reassuring for the surviving partner, who must take charge during an emotional period that is not an ideal time for financial decision-making. You don't want to add the worry of what to do with your finances to the other emotions. These sessions should range beyond a simple listing of assets and should involve discussions concerning the philosophy or strategy behind the investment decisions. Financial planners agree that the importance of establishing a succession plan for your family's investment management generally increases in proportion to your wealth.