Creating A Personal Information & Asset Document

No one knows what the future holds in store for each of us, and hopefully there are many wonderful times ahead. Nevertheless, most of us are prudent in taking the necessary steps to prepare for a number of problems that may occur. We have health and life insurance for our families, homeowners and auto insurance to protect our major assets, and perhaps a savings account earmarked for unforeseen emergencies, such as a major leak in the roof.

Yet, with all this insight into such financial planning, many of us fail to prepare a very important piece of information, often called a "death binder" or a "personal information and asset document." Such a folder can store information needed by a spouse or family member in the case of an emergency in which you would be unable to communicate with others.

In the event that you unexpectedly passed away or were incapacitated in the hospital, would your spouse or family members know who your insurance carriers are, or where your important papers are located (such as property deeds, certificates of deposits and wills)?

For that reason, it is vitally important that all of us take the time to compile a simple document listing data that would be most valuable to others who may need access to our personal information in time of a tragedy.

A personal information and asset document does not give monetary figures, and it does not have to give private medical information. Key items it needs to list include such things as the location of important documents, the numbers of bank accounts, the names of mortgage and credit card companies, attorneys and business information.

Such a compilation is not a legal document, and therefore does not require any signature, witnesses or notarization. It is merely documented information about you and your business to allow you to present information about yourself in an organized, concise manner.

Using a word processing or spreadsheet program on a home computer is a great way to create a personal information document. By using a computer, it's easy to print copies and give them to other family members or those who would need to know such information in the event of your death. Also, by storing the information on a computer it can be easily updated and new sheets printed, since any changing event (the purchase of new car or switching insurance companies) will need to be corrected on the document to keep it accurate and current.

Here is a list of the most important pieces of information that should be contained in a personal information and asset document. Of course, each person has specific circumstances that are unique to their situation, so some of these items may not be required (a maiden name is not needed by a husband, for example) and others may need to be added. But, this list forms an excellent foundation.

PERSONAL INFORMATION: Date of birth, social security number, address, phone, cell phone, email address, maiden name.

CONTACTS: family members, business associates, accountant, tax preparer, attorney, financial advisor, insurance agent, physician.

ASSETS: Again, this is not a financial portfolio, but rather a list of where you have bank accounts and investments - bank name, address, phone; account numbers for checking, savings, certificates of deposits, money markets, safe deposit box.

FINANCIAL ACCOUNTS: Company names, addresses and account numbers for investments, IRAs, 401(k)s, certificates of deposit.

PERSONAL PROPERTY: Automobiles (make, model, year, own/lease), boat, recreational items, real estate investments.

INSURANCE: Company names, addresses and account numbers for auto, home, business, boat, disability, life, long term care, medical.

LIABILITIES: Company names, address and account numbers for mortgages, loans, credit cards.

BUSINESS DATA: Do you have a business? What type (self-employed, partnership, LLC, corporation)? Include EIN numbers and other pertinent data.

LOCATIONS: Give the locations of where someone could find the deed to your property, auto titles, health care directive, insurance policies, living wills and trusts, memberships, power of attorney, pre-burial arrangements, tax returns.

Imagine the difficulty a loved-one would have if they suddenly needed this information and had to route through your home and spend endless hours trying to find this important information. Make it a priority to compile a personal information document this week! When taking on this project, it is the perfect time to organize such data for your own ease of access. It may also be wise to review your homeowners and auto insurance policies, and update them if necessary.