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Andrews, Bongar, Starkey & Clagett: Waldorf, Maryland Attorneys

Your Final Words

My father passed away last year. As the lawyer in the family, I am the point man for everything to do with the estate. I am smack in the middle of dealing with it all. It is a giant, royal pain in the rear end, even for me. This article is about how you can make this job easier on your loved ones.

My father had an estate plan, and he had updated it a year before he died. If he had not, my job would be 10 times as hard. And still, there is one simple thing I wish he had done which would have made my job so much easier. It would not have cost a cent, or required a meeting with a lawyer. You can do it too – right now if you wish.

I wish I had a simple letter from my father. The letter would have outlined where everything was, what assets he had, and who to contact to discuss certain things. It would be written in plain English instead of legal gobledy-gook.  It would make things EASY. And in that time of mourning, making things easy is a fantastic final gift you can give to your loved ones. I highly advise you to do this as soon as possible.

Here is a suggested format for such a letter. Edit it as you wish. You just did your tax return for 2010. Now is the perfect time to write this letter. Most of the information you need is right there in your tax return. At least fill in as much as you can now. Your family will be thankful later.

You should update this letter once a year. In fact, you should perform a complete financial review every year. Luckily, we have an article on our website explaining how to do it. You should take a look at it. Feel free to pass on this email and that article to anyone you know who needs it.

Dear ____,                                                                                        Date: ______

I am writing you this letter (which is not to be misconstrued as my formal will) in order to make your task of handling my legal and financial matters easier.

Funeral Arrangements: I/we own burial plots at _____ located _____. Their phone number is _____. The certificates are located at ______. Or, I would like to be buried at _____ located _____. Their phone number is _____. I have the following specific requests for funeral arrangements: ____________.

The original of my will is here: ______________. Copies are located with these people: _______. (Note: your personal representative/executor should have a copy.) My attorney also has a copy.

Personal Representatives: I have appointed ______ to be my Personal Representative (aka Executor) as I believe he/she is best able to handle the detailed legal and financial tasks which need to be done now.

My safe deposit box is located in ______ (name of bank) which is located _____ (address too, so they get the right branch). The number of the box is ___. The key is located _______.

My safe deposit box contains the following items: ___________ (list every item in there, as they will be looking for some of them and need to know where to easily find them.)

My attorney is ______ located _______. Their phone number is ___________.

My accountant is ______ located _______. Their phone number is ___________.

I have life insurance with _______ (name the company) which I purchased through _____ (name the agent) who can be contacted at ______. He/She will be able to give you the forms required to request payment. My policy number is _____. The amount of insurance is $______.

Other insurance: Attached to this letter is a comprehensive list of all insurance policies I own including the name of the company, the name of the agent and their contact information, the policy numbers, what exactly it insures, and the amount of insurance. (Make that separate list.)

Financial Statement: Attached to this letter is a complete list of all assets and debts. (Make a very detailed list itemizing each asset you own. Include names, account numbers, and contact information for the bank/broker/advisor. List every piece of real estate in which you have any interest, each bank account, every pension plan or retirement plan, and every brokerage or mutual fund account. Include debts too.  Tell them the amount of debt and who to contact for a payoff.  Include personal property you own other than personal effects located in your house, such as boats, trailers, cars, valuable hobby collections, etc.

You can find my most current financial account statements _________. (Specify where your account statements are and how to get them. You should file them together in a filing cabinet in your house.)

You can find titles to my real and personal property _______.

Home: our home is owned by _____ (Jointly? Solely in your name?). My deed and other important legal documents from the purchase of our home is located ______.

You can find copies of my old tax returns _______. I keep __ years of tax returns there.  (You should keep 7 years of them, by the way.)

Miscellaneous: Can you think of something else? Add it here.

Personal statement: Since this will be your final words to your loved ones, put something personal here. It doesn't have to be a hallmark card. It can be very simple. But make your final words be about something personal, not business.

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More legal info & tips to keep you safe.
For examples of past issues, click here.