How organized are you? Many of us know where our “stuff” is, although it may not all be in its proper place at any given moment in time. A more important question to ask is, how organized are your financial and other important papers? If something were to happen to you, would those left behind know where your “stuff” is?
Valerie RumboughOrganizing our important records is one of those tasks that we love to put off, but really need to take care of. If something were to happen to you today, would someone know where your checkbook is, where your safe deposit box key is, how much you owe on your mortgage, etc.?
Get a notebook and place a copy of all your important papers in it. Write instructions to your loved ones and/or the personal representative for your estate (the person named in your will to handle the affairs of your estate). Make sure your will and other important documents are updated. If you don’t have a will, it is extremely important to have one drawn up.
As you are organizing everything, be sure to tell your personal representative where your notebook is. This accomplishes several things.
First, it allows you to keep matters private. You don’t have to tell someone everything about you. You only have to tell them one sentence: “If something happens to me, everything you need to know is in the notebook.” Second, it allows those left behind to only have to remember one thing – where the notebook is. Third, it makes it easy for those left behind to take care of your affairs in an efficient manner. Everything they need to know about your assets, and what you want done with them, is in one place.
Most of us would like to know that when we die, we don’t leave behind a mess. If you need help organizing your affairs, you can call the Baptist Foundation of South Carolina, and a starter kit can be provided to you. Now there’s no excuse for “getting your house in order.”
Rumbough, CPA, CFP, is chief operations officer with the Baptist Foundation of South Carolina. Contact her at 800-723-7242. In accordance with IRS Circular 230, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.