• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

Get Organized with a Master Directory

December 21, 2016 by Deb Sexton Leave a Comment

This is an article from The Smith Law Firm, P.C. (https://www.elderlawyer.com/index.php) in Augusta, Georgia, that we thought others may find helpful.

“If you’ve cleaned out the financial files of a loved one who has passed away, you’ve probably observed this firsthand; people typically choose to save too much rather than risk throwing out something important.”

Morningstar’s April 18th article, “How to Create a Master Directory“, says that a lot of the work of sifting through documents and files would be unnecessary if everyone would create a very basic “master directory.”

This type of document—be it a PDF, an Excel file, a Word document, or even a handwritten record—can be your inventory of financial accounts and contact info. If you keep it up-to-date, this can be an invaluable tool for your loved ones in the event you are unable to manage your assets for yourself. Here are the steps.

Step 1: Document key individuals. First, list all of the individuals and companies with whom you deal for your finances and estate planning business with their contact information.

Step 2: Document key assets. Most of this task is documenting your financial assets, such as retirement plan accounts, IRAs, brokerage accounts, bank accounts, and real estate holdings. If you see that you have quite a few accounts, this may be a good time to streamline by consolidating accounts to reduce financial clutter. You can also get some breaks on fees, free financial advice, or other perks. Also, if you have collectibles or other valuable financial assets, list those too. Documenting your financial assets can also help with your attorney’s review of your estate planning documents. If you have major assets that are in your estate plan, you need to incorporate them also.

Step 3: Document key liabilities. This is the other side of the ledger—your household’s key liabilities, like your mortgage and credit card debt.

Step 4: Keep the data safe. Now that you’ve created your master directory, protect it with a password. Most programs allow you to password-protect a file. And if you handwrite a physical document, save it in a locked file drawer or safe-deposit box.

Step 5: Let a trusted family member know. The last step in the process is to let a trusted loved one know that you’ve created this document, as well as where it’s located and how to access it. Tell your spouse about the document and the person to whom you’ve given power of attorney for your financial matters and/or your executor.

Reference: Morningstar (April 18, 2016) “How to Create a Master Directory”

 

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.