Last Will & Testament: Add a Letter Covering These 14 Wishes

Potomac Financial Private Client Group, LLC

6723 Whittier Avenue, Suite 305 McLean, VA 22101

703-891-9960 [email protected] www.potomacfinancialpcg.com

By Richard Atkinson Having a will is necessary, but there is a great deal of information the legal document does not include. Here’s what to cover in a supplemental letter that specifies preferences, discloses critical logistic info, and will save your family significant stress during a difficult time.

You might be surprised how many people die each usually not included in the will. Here are several year without a will. There are numerous reasons suggestions you may consider including in your or for this major oversight, including those who your loved one’s accompanying letter: cannot or will not think about death, those who believe talking about and creating a will may cause problems with their partner or family members, 1. People to be notified at the time of death. and those who don’t want to spend money on Certain people and institutions need to be lawyers. notified at time of death, including your lawyer, executor, trustee, and accountant, along with Having a proper will goes a long way to prevent federal pension authorities. Relatives and family arguments. The guesswork is eliminated and special friends will want to know as soon as the family is clear on your intentions. Furthermore, possible, so providing the names, addresses, a will may actually save money, because without and telephone numbers will make it easier for one, the provincial/state authorities are in control, the person assuming this responsibility. and that could mean unnecessary delays and extra costs. At the time of my father Jack’s death, my mother and family did not know who Jack’s Just as a will brings a feeling of peace and comfort, closest colleagues at work were. As a result, a so does an accompanying letter listing items former coworker called after the funeral saying

PLEASE SEE NEXT PAGE FOR IMPORTANT RESTRICTIONS ON USE | 1 he would have appreciated attending. This 9. Income and property taxes paid and owing. oversight, which could have been prevented Provide the location of income tax returns for with a listing of people to be notified, caused the past three years, record of property tax much anguish for both the family and the amounts, and due dates. friend who was left out.

10. Investments, including mutual funds, stocks, 2. Listing advanced funeral arrangements. and bonds. List all stocks, bonds, certificates Be sure you communicate his or her funeral of deposit, and other investments. Indicate the arrangements and last wishes (e.g., body burial, location of the investments and the name and type of casket, cremation, and music requests). address of the financial advisors. If owning any gold or silver coins or bars, provide the location and details. 3. Location of personal papers. List the exact location of personal documents, including birth and marriage certificates, diplomas, military 11. Listing and location of valuables. List all papers, and so on. jewelry and other valuables, including the names of those to whom the articles are to be given. 4. List of bank accounts and bank locations. List all bank accounts by name of institution, branch address, and type of account. Also 12. Trusts, loans, money owed. List any trusts, give the location of canceled checks and bank and provide the name and address of the statements with the number and location of the trustee. Record all loans and other accounts safety deposit box and key. payable.

5. Listing of credit cards. List by issuer and card 13. Special survivor benefits. List all possible number. sources of benefits not named in the will— government pension, veteran’s pension, employee pension, fraternal associations, and 6. Location of deed and mortgage papers. so forth. Indicate where the documents are located, the date for renewal, and the holding institution. 14. Website logins and passwords. List of computer and website login, pin, and password 7. Listing of insurance policies. List life, auto, information, including for general computer home, veterans, medical, and other insurance login, email account(s), file hosting services, policies together with the responsible agent’s and online banking, retirement, and investment name and location of these documents. services.

8. Listing of vehicles, including registration Once you’ve completed a current will and and other papers. Provide the location of all accompanying letter of assets, document location, keys and operating instructions. and burial wishes, you can feel more at ease

Copyright © 2015 by Horsesmouth, LLC. All Rights Reserved. IMPORTANT NOTICE This reprint is provided exclusively for use by the licensee, including for client education, and is subject to applicable copyright laws. Unauthorized use, reproduction or distribution of this material is a violation of federal law and punishable by civil and criminal penalty. This 2 | material is furnished “as is” without warranty of any kind. Its accuracy and completeness is not guaranteed and all warranties express or implied are hereby excluded. knowing your final plans will be fulfilled. Let one can begin the process of notifying family and or two other family members know where the friends and fulfilling the wishes named in the will. will and accompanying letter are stored and the name and address of your lawyer. Better yet, give a Richard “Rick” Atkinson is the author of “Don’t Just copy of the accompanying letter to one or more of Retire—Live It, Love It!” An expert in pre-retirement the following: your spouse, a trusted friend, and/ planning, Rich is happily retired and fulfilling his or a family member. These trusted companions retirement dreams in Toronto, Ontario, Canada.

The financial consultants of Potomac Financial Private Client Group, LLC are Registered Representatives and Investment Advisor Representatives with/and offer securities and advisory services through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Advisor. Fixed Insurance products and services offered through CES Insurance Agency. Michael R. Kalas, CFP®, AIF®, CEO Steven E. Richardson, CFP®, CRPS®, CPA®, President Tim Shean, CFP®, Chief Operating Officer Joe Lamoglia, ChFC®, Vice President Tacy Paul Roby, CFP®, Financial Advisor Clem Dinsmore, J.D., Financial Advisor

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