Get Your Affairs in Order
If you’re familiar with this phrase, it’s probably in relation to a person’s illness and the advice to gather important financial, legal and other documents together in some organized fashion before passing away. Having this information readily retrievable makes a world of difference to those who will need access compared to hunting and pecking through piles of papers scattered throughout someone’s home. When grief is overwhelming and the burden of implementing administrative estate tasks is mounting, the last thing someone wants to do is hunt and peck in unknown paper territory.
But it’s not just about preparing for life after death, it’s also a good practice for everyone to have vital documents, family information, and other important paperwork handy in our day to day lives. It provides peace of mind and is so satisfying to find something so valuable in minutes, seconds, even. And, it is entirely possible with a good system in place. That system is called legacy organizing.
Have you ever had to refer to the account number of an insurance policy to get a conversation started with an insurance agent, or need a client ID to speak with a customer service representative? How easy was it to get your hands on the necessary documents to find the dreaded number? It’s frustrating at the least or escalates to hair-ripping madness not to find what you’re looking for when you need to have that information. Too often, the need arises when a crisis is on the doorstep. More frustration and hair-ripping ensues while the clock is ticking.
What is Legacy Organizing and Why it’s Important
You may have heard of a legacy drawer or legacy cabinet. These terms refer to the space where the information is stored, although the reference isn’t just to a physical space. Legacy organizing is the process of gathering and compiling the essential information of a person’s life. Importantly, a centralized system of retrieval is created and can take the form of hardcopy or digital files stored in a particular space. It is completely customized, so whatever form it takes is up to the owner of the system.
Some of the most common and important documents and information to have readily available fall into the broad categories of financial planning, health directives, legal documents, estate planning and personal information.
Within these categories are multiple subcategories and specific documents. The typical ones include bank and investment accounts, health care proxy and end of life care, Will and estate documents. Personal information includes birth, marriage and other certificates and account passwords. It could also include information about dependents, ancestry material and even favorite family recipes. Each person’s legacy is unique and the system will reflect that. A cover letter can be included as well that simply lets family members know what is included and the purpose of its contents.
Creating a legacy system carries many benefits:
It provides peace of mind. For the owner, having documents handy as the need arises is an easy and satisfying experience. It also provides a measure of comfort knowing that whoever is responsible for managing the estate or affairs after one’s passing will have a reliable, structured format to work with.
An organized legacy system is a loving gesture that reduces the burden on family members during a difficult and sad time.
With directives in place, it eliminates confusion and ensures that wishes are known and fulfilled.
It streamlines the estate management process. With all materials in one place it serves as a comprehensive guide for executors and family members which will result in a smoother, timelier process.
Because of its unique composition, a legacy system may contain not only essential documents but the most meaningful information of a person’s life, so that information is made known to next of kin.
Having the necessary documentation in place and easily accessible is a gift we can give to ourselves and family members regardless of medical or other life circumstances. And once created, it is easy to review on a regular basis so changes can be made when needed.
In many families, topics like this sometimes get pushed to the back burner. They may have a negative or sad connotation to them and tend to be avoided. Creating a legacy system is just one feature of overall good organization. It is an important feature and is well worth the effort. Yes, it may prompt conversations that are difficult, but they are also essential and everyone involved will be grateful that the topics are addressed. Give yourself and loved ones a truly special gift; create a legacy system.
* Please note: an attorney should be consulted to prepare the actual legal documents, and a financial advisor should be consulted for financial matters.