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My father used to tell me that in the past when someone passed away, all you had to do was wait for the mail to arrive.  He is a CPA and has been the executor on many estates through the years.  Times have changed and things don’t always come in the mail anymore.  Most people opt for e-delivery for credit cards, investment accounts and a variety of other financial related information.  And getting access to someone’s email after they die can be very difficult.  So what is someone to do in the digital age to ensure a loved one or executor is able to sort through everything?  Contingency planning can be the answer to the challenges in today’s cyber age.

When I think of contingency planning, I think of a scene from a movie where the captain of the submarine dies and the next in command breaks the glass and pulls out “the book”.  The book contains everything the new captain needs to know.  Similar with personal contingency planning, there should be a written record (or digital) of everything your spouse or executor needs to know in case you die unexpectedly.  I use a digital service (which I’ll highlight below) which allows me to list the location of my will, important contacts, banking and investment accounts to funeral arrangements, letters to my family and passwords for important accounts.  It’s time consuming, but the last thing I want my wife to stress about while grieving is how to access things that are critically important.

The service I use and recommend to clients (and everyone else) is Everplans.  I’ve highlighted some information below which was taken from their website.  Whether you use Everplans, another digital service or simply write down the information and have it in a place that your spouse (or another trusted contact) knows about is very important.

What is Everplan?

An Everplan is a complete archive of everything your loved ones will need should something happen to you. Securely store wills, passwords, funeral wishes, and more in your own secure and shareable vault.

Once all of the information and documentation is saved in your secure Everplan, you can choose which parts of your plan you’d like to share with important people, called Deputies. Then, if anything happens to you, your Deputies can access the important information they’ll need, when they need it.

Why is this important?

No one wants to think of a loss of a loved one or even themselves and the impact that can leave on their family. However, during this painful time comes the responsibility of gathering necessary and vital paperwork to honor the last wishes and closing out the estate for yourself or loved one.

An Everplan makes this a simple process for your heir(s) or deputies as Everplan calls them to be able to access all of your information in a safe and secure place.

What kind of information can I store?

FINANCIAL INFORMATION

  • Bank and broker accounts
  • Insurance documents/agent
  • Safe deposit/storage locker
  • Contact details for accountants

LEGAL INFORMATION

  • Wills
  • Power of Attorney
  • Contact details for attorneys
  • Advance Directives

HEALTH INFORMATION

  • Medical history
  • Living will and healthcare proxy
  • Contact details for Doctors

KEY PERSONAL INFORMATION

  • Letters and notes to your family
  • Important addresses
  • Account details for utilities
  • Online accounts
  • Communicate your funeral wishes

Is Everplan safe?

According to Everplan, “We take your security and privacy very seriously. Everplans uses bank-level AES-256 encryption, SSL using 2048-bit certificates and other industry-leading security technology to guard your data.”

What else does Everplan offer?

Expert Guidance And Resources – With our guidance, you’ll learn what a complete end-of-life plan should contain, and how to fill in gaps in your planning. We provide recommendations, resources, and checklists to help you on your way.

Custom Fit For Your Situation – Answer a few simple questions about yourself, and Everplans will create a customized set of planning “to-dos” and help you build an end-of-life plan that’s custom-tailored to your situation.

Source: https://www.everplans.com/#/?_k=255tcl

 

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Best Regards,

Jared Toren
CEO & Founder

 

Proper Wealth Management’s (“Proper”) blog is not an offering for any investment. It represents only the opinions of Jared Toren and Proper. Any views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest. Jared Toren is the CEO of Proper, a Texas based Registered Investment Advisor.   All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Information contained herein is believed to be accurate, but cannot be guaranteed. This material is based on information that is considered to be reliable, but Proper and its related entities make this information available on an “as is” basis and make no warranties, express or implied regarding the accuracy or completeness of the information contained herein, for any particular purpose. Proper will not be liable to you or anyone else for any loss or injury resulting directly or indirectly from the use of the information contained in this newsletter caused in whole or in part by its negligence in compiling, interpreting, reporting or delivering the content in this newsletter.  Opinions represented are not intended as an offer or solicitation with respect to the purchase or sale of any security or financial instrument, nor is it advice or a recommendation to enter into any transaction. The material contained herein is subject to change without notice. Statements in this material should not be considered investment advice. Employees and/or clients of Proper may have a position in the securities mentioned. This publication has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness having regard to your objectives, financial situation or needs. Proper Wealth Management is not responsible for any errors or omissions or for results obtained from the use of this information. Nothing contained in this material is intended to constitute legal, tax, securities, financial or investment advice, nor an opinion regarding the appropriateness of any investment. The general information contained in this material should not be acted upon without obtaining specific legal, tax or investment advice from a licensed professional.

Author: Jared Toren

Jared Toren is CEO and Founder at Proper Wealth Management. Proper was born out of frustration with the inherent conflicts of interest at big brokerage firms influencing advisors to sell products that were not suitable for clients but profitable to the firm along with a consistently mixed message of who’s interest was supposed to be put first; the clients’, the firms’, shareholders or advisors.

At Proper, our clients interests come first. We are compensated the same regardless of which investments we utilize so there’s no incentive for us to sell high commission products. Since we focus on a small number of clients, we are able to truly tailor our advice to each person’s unique circumstances.

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