Document Your Financial Life for Your Surviving Spouse

Estate planning is not on the top of everyone's list when it comes to fun things to do. It is a necessary evil, however. Most people look after the basic things: life insurance, wills and guardian elections. When thinking about all the things that need to be taken care of when you die, it's important to keep in mind what your spouse or other family members will be required to do in the immediate aftermath of your death.

Being an accountant, I had looked after all of the basics to make sure that my family would be taken care of if I died. What I didn't think about until recently was the thousand things my husband would be required to do in order to notify everyone who needed to be and to take care of my bank accounts and income streams in the short term. I started a journal with detailed information and instructions for him to follow. This will make it immensely easier for him while he juggles the emotional impact of my death and raises our children on his own.

Putting together a planning journal doesn't have to be a big production. A three ring binder, lined paper and tabs are all you need to get started. Here is a list of information that you should consider putting in your planning journal.

- A complete list of all of your bank accounts including joint ones. Include financial institution, account number and any other information such as overdraft limits. If you have a relationship with a bank staff member, jot down the name and direct line.

- The location of all legal documents that your spouse may need such as mortgage documents, marriage certificate and personal identification.

- If you work at a job, write down your boss' name and contact information, along with your gross salary or hourly rate.

- A list of all insurance contracts, both life and health and property and casualty. Include the insurance company contact information, the face value and the location of copies of the policies.

- A list of credit cards with card numbers, expiration dates and credit limits.

- Details of any other sources of income such as royalties or interest payments.

- A full list of your assets including joint assets. If some assets are somewhere other than the home, detail out where they are along with details of any encumbrances such as loans or mortgages.

- A list of all friends and family that you want contacted right away in the event of your death. Include addresses, email addresses and telephone numbers.

Once the journal is completed, keep it in a safe but accessible place. Before storing it, go over it with your spouse to familiarize him or her with what is contained in it. Let your spouse know where it will be stored. Most importantly, keep it up-to-date. Take it out once a year and update all of the information in it. The more complete the journal is, the easier managing your death will be on your spouse.

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