Financial planning is just as much a business about your “people,” as it is about your money.
The “Family Love Letter” is one of the easiest yet most important things you can do for the people you love and a valuable complement to your overall financial wellness. It is a simple and intuitive document that communicates the vital information your loved ones will need once you are no longer able to tell them. Many people, however, never compiled this information into a single, easy to access document because it is simply too upsetting to think about.
At times, even the most thorough financial and estate plans fail to leave behind correct and complete information for their families. Without clarity of desire and specificity of information, families may experience unnecessary difficulties, overlook unknown assets or make costly mistakes.
It should be part of your financial planning process because part of planning for the future is making sure the people you love have what they need.
Your Family Love Letter may include:
1. Wills (locations and attorney/ lawyers and accountants contact information)
2. Family contact information
3. Computer Passwords/Password “Keeper” information (including digital assets)
4. Key contact information
5. Employers and benefits
6. Banks/brokerage statements/financial advisors
7. Insurance Policies (agents, policy numbers, carrier phone numbers, face amounts, etc.)
8. Statements of ethics
9. Funeral requests
A Family Love Letter is more than simply a list of account names and numbers, it can contain specific information — like where a safety deposit box key can be found – or it can include a personal message of comfort and reassurance.
Many of our clients have found this tool to be a significant part of their overall planning. Ask us, your own financial advisor, or CPA or attorney to assist you to create this “inventory” of your key information, assets, insurances, and other property.
Eaton Financial Group is a registered investment adviser. Registration does not imply a certain level of skill or training. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.