This four-part article series provides a detailed discussion of the various important financial documents anyone should gather together to leave

behind for their family.

Welcome to the 4th installment of this 5 part article series on the various documentation you should gather together for your family in the event of your death. Previously, in Part 3, I explained - with the help of a firm of San Diego investment advisors - that you will need:

All proof of ownership documents of housing, vehicles, land, brokerage accounts, mortgage accounts, stocks and bonds, etc.

A comprehensive list of any loans and debts that may be outstanding. Loans count as assets and debts will need to be settled out of your estate.

The last three years’ worth of tax returns to help your executer to determine any assets you may have and to settle your final income-tax bill.

We still have plenty of documents to get through, so let’s resume!

Bank Accounts

According to San Diego financial advisors, you should create a list of all the bank accounts you own, their details and any online log-in information you may have and give this to a family member you trust. Not only will they have to let the bank know of your death, but if they are unaware of any accounts you own, that money may never be claimed and will simply end up in the hands of the state. Additionally, if you own any safe-deposit boxes, have your child’s or spouse’s name registered with the hosting bank and have them sign the papers. This will

prevent them from needing to get a court order to access the contents of the box after your death.

Health Care

A health care power-of-attorney form is a vastly important piece of documentation to sort out while you are still healthy and strong. Few people pass easily from this world and life support can end up costing the family all of their inheritance, if not end up running them into terrible debt. It is your responsibility to decide how you would wish your family to take care of you should you ever become incapacitated and a health care power-of-attorney form will put the decision making firmly in the hands of someone who loves you and someone you trust. San Diego investment advisors recommend that you ensure your health care power-of-attorney form adheres to federal health-information privacy laws. This will enable insurance companies, and the doctors and hospital to speak to the person you are designating. You might also want to investigate getting an Authorization to Release Protected Healthcare Information form. You must sit down and really think about what you would like your family to do in the event that you become incapacitated by, for example, stroke or you become comatose and require life support. It’s a terrible decision for your family to have to make and you can lighten the burden by leaving them comprehensive instructions as to what you would want. Do you wish to be left on external life support and if so, for how long? If you are terminally ill, do you wish to be resuscitated? These are all terrible events to consider, but someone needs to make the decision and it’s best if you do.

Stay Tuned for Part 5

To find out more about the important documentation you should gather together prior to exiting this mortal shell, stay tuned for the final installment of this five-part article series.