March Newsletter: Lists You Need to Get Your Affairs In Order

Do You Know What You Own?

Start with understanding your net worth. Net worth is simply your total assets (everything you own) minus your liabilities (everything you owe). Next, create a detailed inventory including real estate details, investments, personal property, and even digital assets like crypto wallets and online businesses. Keeping this inventory updated helps estate executors and trusted decision-makers manage your affairs if you’re unable to. Plus, tracking acquisition dates and values can significantly simplify tax planning. Storing your asset list securely—in a fireproof safe or encrypted cloud storage—is just as important as creating it.

Who Is Part of Your Professional Team

Alongside your financial lists, keep a list of your trusted professionals and key decision-makers:

• accountant
• financial advisor
• insurance agent
• spiritual advisor
• attorneys
• healthcare providers
• executors
• trustees
• guardians of minors
• anyone else you’ve designated to handle your affairs.

Each entry should include their full name and detailed contact information, alongside relevant account or policy numbers.

Ensure That Your Loved Ones Call the Right Doctor

Most Americans prioritize their physical health, but surprisingly, few have taken the essential step of planning their future healthcare needs. Start the process by creating a list of your trusted doctors and medical providers and share this info with loved ones. Double-check you have a healthcare power of attorney on file with each provider, clearly authorizing someone you trust to make decisions if you are unable to do so.

Read March’s full newsletter to learn more, and contact the experts at Law Stein Anderson if you have any estate planning questions.