The Gervais Group

Today I am going to share something that can help with these goals, and is also one of the best gifts you can provide your children and other beneficiaries: A Personal Wealth Organizer.

The Personal Wealth Organizer not only ensures that you are maximizing your financial potential while you are still living—helping to clarify where there might be gaps in your overall plan- but its most significant impact may come after you pass.  Your children and other beneficiaries will thank you. 

To create your Personal Wealth Organizer, start with a large binder or use electronic files to collect the following elements:

One: The names and contact information of all the key players related to handling your affairs. Some obvious candidates would be your financial advisor, estate planning attorney, CPA, and insurance agent.

Two: Statements for your bank, brokerage, and retirement accounts. This is a perfect opportunity to ensure beneficiaries and titles of accounts are lined up correctly.

Three: A comprehensive list of your debts and creditors, such as your mortgage information or other business liabilities.

Four: Your Comprehensive Financial Plan, which brings together all your financial affairs—investments, pensions, Social Security, long-term care, life insurance, expenses, etc.

Five: A copy of your current estate plan, including your will, trusts, healthcare proxy, durable power of attorney, and any other HIPAA or living will documents you’ve put together.

Six: Statements for all your insurance policies, such as life, disability, long-term care, personal liability umbrella policy, auto, homeowner, and healthcare. 

Seven: Biographical Information, which directs people to where you have saved the original and copies of documents such as your birth certificate, Social Security card, passport, marriage certificate, children’s birth certificates, etc.

And lastly number eight, any other important pieces of information that don’t fall into their own category, such as deeds, titles, safe deposit box information, P.O. Box/storage unit information, rental property details, automatic or online bill pay, and so on.

Collecting all this material will give you an excuse to communicate with your family members.

If you feel awkward talking to your children about your plans, let the Personal Wealth Organizer be an excuse to kickstart that conversation.

Today we talked about the elements of a Personal Wealth Organizer and why you need one.  If you would like assistance in organizing your financial picture, or in communicating with your family about your legacy plans, please reach out to our team.