Part Two: Planning to Pass on Your Legacy Checklist

This is the second article in a two-part series about planning ahead to ensure your assets and wishes are handled with care.

Missed Part One? Planning to Pass on Your Legacy

Preparing your legacy plan early can ensure your assets and wishes are handled with care, and leaves a lasting, positive impact on those who matter most to you. When passing on your legacy, it’s important to locate specific financial documents and information for your spouse, children, other relatives or designated executor in advance. We’ve put together two detailed, downloadable checklists to guide you and your loved ones through this transition.

Checklist for Those Passing on Their Legacy

Gather and organize these important documents and information. Ensure your loved ones know the location where everything is saved.

• Pension/Retirement Accounts: Employer pensions, IRAs, 401(k)s, interest income, etc.
• Tax Records: Most recent tax return
• Social Security Information: Account details
• Insurance Policies: Policy numbers, agent names and contact information
• Bank Accounts: Checking and savings account numbers and corresponding institution(s)
• Credit and Debit Cards: Account numbers and corresponding institution(s)
• Investments: Account details and advisor and/or broker contact information
• Will and Estate Plans: Current will
• Property Documents: Original deed of trust and property records for home or land
• Liabilities: Property taxes, mortgages and debts with payment schedules
• Vehicle Information: Car titles and registration
• Safe Deposit Box: Location and access details

Checklist for Loved Ones Carrying on the Legacy

After a loved one is gone, there can be a lot to arrange and many organizations to contact. As a spouse, child, relative or designated executor, here are a few next steps to consider:

• Contact the Social Security Administration to let them know of your loved one’s passing and inquire about benefits for surviving loved ones
• Notify banks, other financial institutions, and credit card companies of passing and determine if there are any outstanding debts that need to be addressed/paid
• Reach out to insurance companies to manage policies
• Review the will and initiate probate, if necessary
• Distribute assets to beneficiaries
• Arrange care for dependents or pets, if applicable
• Consult with legal and financial professionals for any uncertainties

Other Considerations

In addition to planning to pass on your legacy, there are other important aspects to keep in mind now:

• Will your assets/savings cover annual property taxes, debts and daily expenses?
• Do you have a budget or savings plan in place?
• Do you need to talk with a financial advisor for additional guidance?

Being prepared now will help you and your loved ones in the future.  

Download our checklists or contact a banker to learn more.