One challenge often faced by family members after the death of a
parent, spouse or other loved one, is finding important paperwork. Here
are some of the documents that family members may need access to. These
should be considered important documents and they should be kept safely for
future use.
Life insurance policies
You might be surprised to learn that life
insurance policies are difficult for family members to locate after a
death. In fact, nearly 20% of life insurance policies are misplaced and turned
over to states according to the National
Unclaimed Property Network. All life insurance policies along with
any addendum should be considered important papers and should be kept safely
for future use.
Bank statements
Heirs are often in the dark about checking, savings, IRA, and other financial
accounts that are held by family members. It is critical that bank statements
are kept safe for future use. Along with the stress of a death in the
family, trying to find bank statements to make sure all assets are accounted
for can add additional stress. Considering bank statements important
documents will help keep them safely for future use.
Stock certificates or statements
In most cases today, stock certificates are held in "street
name" by the brokerage house that maintains financial accounts.
Because of this, it may make it more difficult to track stocks and bonds that
are owned. Rather than have family members trying to determine what you
own for stocks, bonds and other financial instruments, keep careful records.
These can be maintained in a file on your computer or may be kept in a folder
in a safe place. A record of dividend or interest checks should also be kept
safely for future use.
Real estate information
While family members may be aware you own one (or more) pieces of real
estate, there are other considerations that must be paid attention to if
someone dies. Deeds, mortgage documents, tax bills, and insurance documents
should be considered important documents. These must be kept safely for
future use.
Trust instruments and wills
Over the years, if you have a trust document or a will, you may have
made changes to it. Keep all documents along with changes in a safe place
along with the name and telephone number of any attorney or other person who
has assisted in the preparation of these documents.
There are several important papers and documents that you need to keep
safely for future use. These are just a small sampling of them. If you
are in doubt as to whether a document might be important, it is better to keep
it safely.
