None of us want to die.
All of us will.
In preparation for that inevitability, I write an annual “Love Letter” to my wife.
In the event of my passing, my wife will know exactly what needs to be done.
I’ve never written in detail about my love letter on this blog.
That ends today.
This post addresses a difficult topic. What will your spouse do if you die? In our case, we’ve made a plan. In addition to the appropriate estate documents, my wife and I agreed that I should write an annual love letter. It’s a more personal approach and provides practical steps for her to follow in the event of my death. This post shares details of my annual love letter, including:
- Why you should write one.
- What it should contain.
- Short- and long-term steps to be taken.
- Free templates for you to use.
Why I Write A Love Letter Every Year
While we have the appropriate estate plans, my wife and I are more comfortable knowing she has a personal (and updated) “Love Letter” on hand to help her navigate a difficult transition in the event of my passing. I’ve always managed our longer-term investments, while she manages the monthly bill paying. It’s a system that works for us, but we know there would be problems should I pass unexpectedly.
The love letter is our insurance policy.
The White Coat Investor provides a good overview of how a Love Letter fits into your overall estate planning in this article. For today’s post, I’m focusing on the Love Letter (described as a Letter of Intent in the WCI article). If you’d like a perspective on the role the letter plays within a broader estate plan, the WCI article is worth reading.
The Love Letter is updated every January as soon as I complete our Annual Financial Update and provides everything my wife will need to begin managing the estate. In addition to listing all of our assets, passwords, and contacts, the letter provides a detailed step-by-step plan for her to follow. It’s written in plain English and provides a roadmap for her to make it easier to deal with the estate while she’s grieving.
It gives us both a peace of mind.
Why am I writing this post now? I’ve mentioned my annual letter several times on this blog, but I’ve never dedicated a post to the topic. The love letter came up again in the following comment on my recent article On Your Own and motivated me to write this post:
Alan, your wish is my comment. Mark, I hope this post motivates you to write one to your wife.
The Love Letter Begins…
That screenshot is the header on my actual love letter. The first paragraph is personal, with the words I’d want my wife to read in the event of my death (yes, it’s the most difficult paragraph to write in the entire letter). She’s never read that first paragraph, and I hope she never has to. We hope that we both die together, but we realize that’s unlikely.
The second paragraph outlines the love letter’s purpose and describes its contents. In the third paragraph, I provide concrete steps for her to take, including (but not limited to) the following:
- Calling our attorney (with name and number),
- Ask her brother to help her with the process,
- Call our life insurance company,
- Contact the financial planner I’m suggesting she use in the event of my death.
- Secure important paperwork (with location and a reminder of the combination to our safe).
As mentioned, I’ve always handled our investments. Based on our discussions, I know she’s uncomfortable managing our investments in the event of my passing. To ease that concern, I suggest a financial planner to avoid her having to make that decision. I know a lot of folks in the industry, and I know who I’d trust to handle our investments for my wife. The planner I’ve chosen is aware of the Love Letter and has agreed to be there for my wife should the need arise.
Side Note: If I’m still around in my mid-late 70s, I’ll migrate our finances over to the financial planner at that time to avoid the risk of cognitive decline and save my wife the hassle. For now, she knows who to contact, and she knows she can trust them. That gives both of us peace of mind.
Page 2 – “Financial Accounts – What Do I Do Now?”
The second page of the love letter defines additional actions my wife will have to take. After providing direction on short-term cash needs (and identifying which accounts we hold jointly and she’ll still be able to access after my death), I provide some longer-term suggestions on how to proceed (e.g., share our Net Worth statement with the financial planner, and begin the process of settling the estate and moving all of the accounts into your name).
I’ve provided some thoughts on the funeral home and burial plot, but these don’t matter much to me since I won’t be around. My main reason for including them is to take the burden off my wife and make the decision easier for her during an emotional time.
I’ve also included the most critical usernames and passwords on page 2, so she’ll be able to access things quickly without digging through the detailed attachments to the letter. These include:
- My LastPass account information
- How to unlock my phone
- How to access my computer
I’ve described where all the online documents and the key file locations are stored. There is a section on “Who To Notify” which includes family members, the company that manages my pension, Social Security, our life insurance company, and all of the financial institutions we deal with. I’ve suggested she take the Love Letter with her during her meeting with our attorney and follow his advice on how best to contact the necessary parties.
I’ve even taken steps to ensure that each of you is notified in the event of my death. I’ve asked my wife to reach out to a blogger friend I trust and ask them to write a blog post on my site announcing my passing. I’ve also included the login details the blogger will need to log into my site. The blog will fade away in time, but I take comfort in knowing I’ve made arrangements to let you know if something happens to me. For the record, I’ve also given my permission to sell the blog if there’s interest, with all proceeds going to my wife’s charity, Freedom For Fido. I hope the words I’ve written over the years maintain a presence on the internet after I’m gone, and selling this site could accomplish that goal.
At the close of the letter, I include this link to “What To Do When Someone Dies – A Checklist”, a great list of items that could be overlooked. It also includes a list of things NOT to do when someone dies, such as making any big decisions that you are not required to make. I encourage you to review the article if you choose to write a Love Letter for your spouse.
Attachment 1 – Net Worth Statement
The attachments include all of the details of our investment holdings and contact information. The first attachment is the Net Worth Statement, which lists all our assets and liabilities. The assets are organized by tax status (After-Tax, Pre-Tax IRA, Roth, HSA, etc), offering a holistic view of our holdings.
I’ve created a Free Net Worth Template for my readers, an exact (sanitized) replica of the personal Net Worth statement I attached to the love letter.
IMPORTANT: To use the template, you’ll need to save a copy to your drive to make any changes. This keeps the original template intact and prevents you from accidentally sharing your information on a public spreadsheet.
Below is a screenshot from the free template:
By including the Net Worth statement in our love letter, my wife and attorney will have visibility of every account we own and their year-end balances. This will provide a useful checklist when meeting with the attorney. It will also be helpful when she migrates the management of our investments to the recommended financial advisor.
Attachment 2 – Investment Accounts
For today’s article, I created a free template you can use to list all of your investment accounts and access information. This is a sanitized copy of the actual spreadsheet I use in the love letter.
IMPORTANT: To use the template, you’ll need to save a copy to your drive to make any changes. This keeps the original template intact and prevents you from accidentally sharing your information on a public spreadsheet.
A screenshot of the sanitized template is below.
You’ll notice I also include an updated balance for each account, and a comments section to clarify the type of account and any relevant details I’d like my wife to know about each account. To ensure I’ve captured every financial institution, I compare the list to our Net Worth statement, making sure each firm is represented.
Attachment 3 – Other Important Contacts
In the same free template I shared in the “Attachment 2” section, there’s a second tab for other important contacts. This includes our homeowner’s insurance, life insurance, health insurance, attorney, CPA, and other related contacts. Here’s a screenshot from the free (sanitized) template:
I find it helpful to update this annually to ensure I’m not missing any important contacts that should be included. It’s a living document and should be updated whenever major changes occur (e.g. if you change your insurance provider).
Attachment 4 – Investor Policy Statement
I’m currently writing our Investor Policy Statement and will add it to the Love Letter this year. I am considering writing a dedicated blog post on the Investor Policy Statement in the future. Let me know if you’d be interested. (In the meantime, you can review this article from Investopedia for more background.)
I’m adding the IPS to the letter to provide my wife (and her eventual advisor) with broader context and insights on our investments and strategy. As part of my annual review process, it will also be a helpful reminder of the strategy I’m using to manage our portfolio, ensuring that any actions I take are aligned with our broader strategy. The following is the introduction, which contains the Table of Contents:
The final section of the IPS includes suggestions to the advisor for changes that may be appropriate in the event of my passing. As an example, we’re currently doing aggressive Roth conversions. Since the tax rate will be much higher for my wife as a single filer vs. our current “Married Filing Jointly” rates, I’m recommending they consider discontinuing the Roth conversions after my death.
Once completed, I’ll send a copy of the IPS to the recommended financial planning firm for their files. It will be a helpful reminder that I have them “on call” should the need arise and provide them with some insight into how I’m managing things as a DIY investor.
Conclusion
Talking about death is a difficult topic, but that doesn’t mean we should avoid it. The reality is quite the opposite.
By writing an annual Love Letter to my wife, we’re prepared.
I’ve invested countless hours managing our investments for the past 40 years. I’d hate to see a well-founded strategy coming undone due to errors that could be avoided by good communication.
In addition, my wife and I both have peace of mind knowing there’s a document that will help guide her through the process of transitioning to widowhood, should that scenario develop.
Hopefully, by sharing what I’m doing, it will motivate you to do something similar.
None of us want to die.
All of us will.
Are you ready?
Your Turn: Have you written a Love Letter to your spouse? If so, are there other elements in your letter that I should consider including in mine? If you haven’t written one, are you planning to write one in the future?
Thank you, Fritz!
Such a good idea! We have much of this done, but we have never pulled it together in an “easy to execute” fashion. I’m going to do this!
Thank you!
“I’m going to do this.”
Best 5 words I’ve read today. Mission Accomplished.
Hi Fritz!
Another blog post that is so very useful to all of us! You are doing great things for others Fritz, sharing your wealth of knowledge is so giving! Our Father has written for all of us to give your talents, treasures and time to others. Well done young man!
And I know Jackie appreciates YOU very much! Thoughtful and loving, she married very well. Of course, you know you did as well.
God’s blessings to your family and your readers, Steve
p.s. You had asked me previously for a “top five” trip list. Hard to decide, but here it goes:
1. 2 weeks driving Carol around in 2001; traveled in Bavaria, Austria and one memorable evening in France. Was our Navy retirement present to each other!
2. Our 13 night trip to Europe in 2024. 7 nights cruise on the Danube river. 3 nights hotel in Budapest pre cruise and 3 nights in Prague post cruise.
3. Spent a week in Sandals resort in Jamaica (Dun River Falls area) for our 10 year anniversary in 1991.
4. Trip to Kauai in 2021. Tied with our trip to Italy, drove for a week just in Tuscany. After we arrived in Barcelona from a trans Atlantic cruise crossing! I think this would be Carol’s no. 1. (She did not have to drive with the crazy Italians! LOL)
5. Cruise to Alaska in 2020. Tied with trip in 2023 to France. Spent a full day just in Normandy to pay our respects to some very courageous souls. Was a full guided tour for 12 days. Wonderful memories.
See how I made this a top 7? 😉 We are very blessed and grateful to Him.
For the record, I married better than she did. Wink.
Thanks for the list of “Top 5/7 Trips”. Much appreciated!
An absolutely great idea!!
Also after doing the first one each one going forward after that is much easier as most of it has been already populated and only needs to be reviewed and updated.
Love me it !!!!
Fair point about it getting easier after Year 1, Clay. It only takes me 30 minutes or so to review it and reprint it every year (not counting the time doing our Annual Financial Review/Net Worth Update, which I do anyway).
Great template.
Have you identified the FA you would want your wife to use and does that FA know to expect a call in case of your early demise?
Scott, As mentioned in the article, I have identified and communicated with the FA. I’m also sending them a copy of the IPS when completed. They’re aware, honored, and on board with the plan.
Well, this is a meaningful document. Sure feels overwhelming reading the instructions. It’s a good thing to plan ahead. You might want to add a final attachment that is the actual love letter. While all this practical advice is great, those words might be priceless. Well done.
It may sound overwhelming, but it’s actually a pretty short document. I appreciate your request for the final document, but it’s far too personal to share with thousands of people online. I shared as much as I felt comfortable sharing in this post, trust most readers will find that sufficient.
Fritz, I might have missed any comments by you regarding the non financial, love side of this letter. I didn’t mean for you to share anything personal. But, I meant to point out that this vehicle could include a real love letter. I agree you would not want to share those personal thoughts. I just was suggesting that would be a nice chapter to include.
A great article Fritz.
Scott & I have an “Ending Well” notebook with all the important documents in one place addressing what you’ve posted. It includes car registrations, wills, POAs, marriage license, home ownership papers, password location, etc. I love the idea of a letter to address everything that’s not in that and first steps after our passing. Very thoughtful of you to share this. Please tell Jackie I said Hi!
Ironically, I read your comment when I was sitting next to Jackie on the couch. She says “hi” back. 🙂
Great idea to have your notebook, similar approach. I hadn’t thought about the car registrations, home ownership papers, marriage license. I’m heading over to the Jan 2025 Love Letter now to add a note about those.
Thanks again Fritz for a great post. This is something that is hard to sit down and do, but also very important. My wife is scared to death (no pun intended) that I will die before her and leave her with a financial estate she has always left to me to manage. She always jokes that her financial plan is to die before me so that she never has to deal with our estate. I have put together a “Legacy Box” based on Dave Ramsey’s “Legacy Journey” and have used Vanguard’s Financial Inventory form to list all of our accounts, insurance policies and other personal data. By using these two tools I have been able to get all our financial and personal information in one place. But I will be using this article and your template to write my own Love Letter for my wife after I update our Year End financial statement. I have been doing this annually since 2018 after seeing it first in your post. Thanks again.
Dale
Our wives are similar in being scared to death, Dale. Even when we talked about today’s article, she said “it makes me cry to think about it.” Especially since it’s a “scary” topic, it makes it all the more important to make sure we have the appropriate plans and instructions in place.
Also, thanks for adding the tip about the Vanguard Financial Inventory form. I wasn’t aware of that one, will have to have a look. Finally, glad to see you’ll be adding a Love Letter into your planning. I could ask for no greater compliment.
I have had a similar document for years, but mine is much more haphazard. I will definitely be upgrading based on this article when I do my updates this year.
Where do you keep yours given the sensitivity of something slike a LastPass password? Generally what I have done is that everything is in LastPass (phone / computes passwords, passwords on all web sites etc.) and in my document, I give the right search criteria to find the entry, like “Curtis’s email account” or something like that. But I’m leery about the LastPass password lying around the house. I have been putting a seperate version with the LasPass password in a Safe deposit box and a versions with it masked at home.
That works fine if just one of us passes, but if both of us pass, it might take a while for kids to get access to the box. LastPass allows for emergency access for a trusted person with a 3 day delay when they need to take over the account, but they have their own account, and I don’t know if they will remember how to access it many years down the road. Maybe a yearly dry run would make sense
Thanks for this! One concern I have is where to store such a document with so much sensitive information. In my case I have only referred to access codes and account numbers and been clear of where to find them. I would rather include them explicitly if I could feel confident the document would not fall into the wrong hands. Does anyone have thought on this?
Valid concern, James. It’s something we do worry about, but feel the benefits are worth the risk. As I said on X this morning when someone asked me where I store it, “I’d tell you, but then I’d have to K#ll you.” Smiles.
Something to consider: You could keep a “non-sensitive”/redacted version (no passwords, account info, etc.) in your home for quick/easy access by your spouse and other loved ones and the “sensitive” information version in a safe deposit box at the bank.
You should make sure your spouse and at least one other person you trust have access to the safe deposit box so they can get to the document. They should have the same access level as you…if it’s anything short of that, they may not be able to take the documents in the safe deposit box with them.
Of course, check with your bank and estate planning attorney to confirm.
I have included the hot links and usernames and passwords on my list so that my wife or kids could click on the link and get into the accounts from there. Nice and easy.
Nice touch, I may have to add that to mine. Though I suspect my wife will be using the “hard copy” of the letter, I could add a note that the electronic version contains all of the hyperlinks.
This is a terrific idea. I’ve done a short version of the 5 people my wife should call if I unexpectedly go, but spelling this out in greater detail is actually very smart. Will implement, Fritz.
“Will implement.”
Best compliment this writer could receive. Thank you. I like the idea of expanding the “call list” to people I’d want to be made aware, or at least a suggestion to post my obit on Facebook where everyone could be made aware at once. Good addition, off to make another revision to my letter…
Extremely useful, thank you!
Happy Holidays to you and your family!
And to you and yours, Sabine. Thanks for being a loyal reader (and Freedom For Fido Supporter), much appreciated!
Great idea. I discovered that my password manager can hold all types of information (documents, notes, instructions, etc.), not just passwords. So I have included all of the information noted in your letter in my password manager. I like having it all in one place for simplicity. Being on-line, I can update it anytime, anywhere, and don’t have to worry about updating hard copies. There is this downside of having everything in one place and online (hacking), but there is no perfect system. The nearest to perfect system is the one that you keep up to date….
Password managers have ways for others to access the system should the primary person not be able to. I suggest testing this system with you loved one, just to make sure that they can get in.
Frank, good idea. I’ve used the Notes feature in Last Pass a bit, but hadn’t considered uploading copies of important documents. Worth considering.
Come on, Fritz… I’m banking on you living forever. Say it’s not possible?! 🙂
I’m with you on this. I do something similar except mine’s an email that I shoot out to my wife and brother (just in case) every year. I just tell them in the email to put it in a specific email folder until they need it. I mean, if I go, it’ll be utter madness and chaos without lovable me in her life so why give the added stress of trying to figure out where everything is?
Great post!
An e-mail!!??? Dang, that’s GENIUS. I always knew you were smarter than me. 😉 Thanks to agreeing to be “the blogger” I cited in the article. No need to keep it secret, I’m ok with the world knowing I respect you enough to ask you to do that for my readers. Thanks for your friendship, hope to see you again somewhere in 2025 (I enjoyed our dinner in Cleveland last month).
Thanks for the article Fritz, priceless information. I thought I had everything my wife would need all set in one easy to read notebook, but after I read your article I realized I am woefully deficient in many areas.
Thanks for the screen shots as guidance for getting things organized, I have a lot of work to do. My wife and I frequently joke that the winner in life will be the first to die, but just in case I win, I don’t want to leave her holding the bag. It makes it a little difficult because she has less than zero interest in our finances, but something along the lines of what you have outlined will give me a much greater piece of mind that she will be okay when I am gone.
Thank you so much for the time you have put into your blog, I really appreciate it.
Always good when an article causes a reader to realize they’re “woefully deficient.” Smiles.
I love the joke, and there’s actually a serious tone behind it (isn’t that the case with the best jokes?). I hate the thought of my wife being widowed, and I hate the thought of me being a widower without her. Whoever dies last, loses. I’d never thought of it that way, but it has the merit of being a morbid truth.
I do not have a spouse and won’t for the foreseeable future. However, I have written such a letter to the Executor of my Estate, who is also my Power of Attorney. I hope this will be sufficient in the event of my mental decline and death. The details will differ in that I don’t have to explain the whys and wherefores of my investing strategy, but the love letter is just as important in other ways. Thank you for this post. I heartily recommend a love letter regardless of your circumstances.
Jan, thanks for pointing out that the concept has merit whether your married or single. For a single person, the recipient could also be your children. Thanks for expanding the discussion.
Fritz~ Your awesome!!! Starting mine now and will have it done by the beginning of 2025!!! Just GREAT advice!!!! Happy Holidays to you and yours!!!!! Blessings!!!! Marc
Marc, glad to see this article is inspiring many of the readers to write their own Love Letter. I could ask for no better response to the words I’ve written. Merry Christmas to you and your family!
Our Attorney recommends that my wife and I re-title all our assets into a Trust to avoid probate and to draw up a new will. Our current will is 28 yrs old. I think he also said we should get PoA for each of us in case something happens to the other. We have something similar called an “I.C.E” or In Case of Emergency ebooklet and it’s printable. Not as personal as your Love Letter so I will make some improvements to our process over the next 2 months. One last suggestion would be to organize some sort of forum where you invite close confidants to pressure test your plans. I have done this with our retirement financial plan and gained valuable advice as they pointed out blind spots etc.
Trusts definitely have their place, Pete. My Dad set one up, and it was convenient to have the Trust paying all of his monthly bills after he started having cognitive decline. I haven’t researched them much yet, but something I’m aware of and have on my list to investigate. Good suggestion about the forum concept, makes me think of the Retirement Mastermind Group I established here a while back and the value it’s brought to the members by having a safe environment to discuss sensitive retirement topics.
Hey Fritz great article. One thing I suggest adding to your love letter is a love video. My first wife passed away suddenly and I found out that I had no video of her or sound of her voice. So now I record a video for my children and current wife so they can hear and see me. Thanks for another great post!
Great idea, Dom. Sorry to hear about the sudden passing of your first wife, reminds me of a friend who’s wife died, and he would call her phone just to listen to her voice mail message after she was gone. A video would be a great addition.
This a great post and will spur me to update my letter that I wrote over 5 years ago and is certainly out of date.
Question: Do you really think your wife doesn’t read the first paragraph? I know my wife could never refrain.
I know she doesn’t. Every year, I offer to let her read it and she says it makes her too sad to think about it. We review the financials together after I update everything at year-end, then I attach them to the letter and place it in a sealed envelope.
My wife is different. I’m pretty sure she’d edit it until it’s satisfactory. 🙂
Fritz, I would encourage anyone facing the loss of a loved one to NOT cancel the deceased person’s cell phone account immediately.
Many financial institutions require two factor authentication to access the account. This means after you enter the user name & password, a number (typically 6 digits) is sent to the cell phone number to verify the user’s identity.
Without access to that phone number it can be a long & difficult process to access the accounts.
I hadn’t even thought about that one, Jim. Great addition to the discussion.
The document can be stored on a password protected encrypted thumb drive in a safe deposit box. All the loved one’s need is the password to access the documents.
Not a bad thought, John. I remember reading somewhere that safe deposit boxes can be difficult to access after the owner’s death, perhaps something that can be registered jointly? Would want to do some research before going that route, but certainly a safe location for the sensitive information.
Great information for all — including non-married, significant others — you need paperwork. After a “few years” being retired you find out many things — have a joint or authorized person on your utility bills — if something happens you may have to go thru hoops to cancel utilities; have authorized individuals for social security, Medicare, supplements, hospitals and doctors — otherwise no one will talk to you unless you get authorization from a court. Also, it is very important to have secondary individuals named. Even tho your mate might not be interested in some of these things, bribe them to sit down twice a year for a quick review/update. A lot of things spend on your state of residence — an attorney specializing in elder are is worth a review.
Keep up the great work
Mary, great to hear from you, old friend! My time working with you in Cleveland were some of the best years of my career. Great suggestions, reminds me when my Mother-In-Law added her son to her checking account, which was a huge blessing after she got Alzheimer’s and couldn’t manage the bills. Also, great idea to have a discussion with an elder care attorney. A friend of mine just met with one, I’m thinking of reaching out and setting up a meeting. Thanks for stopping by.
I have my version of a “love letter”. But I’m counting on my son to help and am working to “train him up” to manage not only his own affairs and wealth successfully, but also ours when we get senile. Some of my simplifications:
1) No net worth statement. I simply pointed to Fidelity’s full view page to get all the investments. It will provide an up-to-date view of all the finances. The other hard assets are easy to see (car, house, etc). I do have a list of other stuff like insurance, account info and passwords (brokerage, bank, email, etc).
2) No IPS. People have or will develop their own style. I do describe the basic strategy for our current investments but people will do what they want to do. My hope is that by exposing my son early and often to some good personal finance practices, he will work with my wife to develop a sound strategy that they are comfortable with.
Great strategy to get your son involved early and spend time with him on the important things, Phillip. I remember when my Dad had me and my sister join him for a meeting with his attorney when they were finalizing all of his estate details. I appreciated the respect it showed to his children, and in knowing the attorney who was involved and my Dad’s wishes, while he was still able to communicate them.
Best one yet!
This is a great reminder!!! I do have a financial overview Google Doc that my wife and I share, that lists accounts and a net worth snapshot. BUUUUUT I probably need to get a bit more involved in terms of advising the next steps. I left her a list of books to read, but let’s face it she will need an outstanding advisor. I also love how you setup plans for the blog too. Going to take much of what you have an integrate it into my “love letter” – cheers!
I am single and put together a document with many of these items. My son is just 26 and lives out of state; I am mindful that it could be a great deal of work to dispose of my home/assets and have directed him to my financial adviser and estate attorney, with encouragement to let them handle as much as possible. I have spoken with him about my general wishes for my remains and named him and my sister jointly to make medical choices to ease the burden of carrying sole responsibility for making difficult decisions at an emotional time. But I was thinking just today that another thing I could do is provide a specific list of contacts with phone numbers. Your article has provided several other things I would like to add to my updated version in 2025; thank you so much for addressing such a tough but important subject. It is a gift to those we love to handle as much as possible.
Love this. As my husband leaves all of the detailed planning to me, I’ve often wondered how best to provide him ALL of the information he would need and the exact steps he could take to simplify it all during a difficult, emotional time. I love that you delineate the steps here. It really is the best way to guide a partner through everything, instead of just leaving the big estate planning binder and hoping they can “figure it all out” (and doing it that way would also mean much of the funds would end up in the attorney’s hands!).
Great post Fritz! I always learn something. Thankfully Amanda and I are both equally involved in investment planning. We use a financial planner and have been happy with the insights and guidance while still managing half of our portfolio. Definitely going to use aspects of what you posted to create a more cohesive plan for when one of us passes. The love letter idea is great.
One thing that we’ve done too is created a document with a lot of of what you describe to provide to my brother as well as our estate executor in the event we both pass, for example when we’re traveling on a trip. This has given us a lot of peace of mind to know that there are people back home that will know what to do in that case. Many thanks for the insights and please tell Jackie “hello” and great job with Freedom for Fido!
Hi Fritz.
Thanks so much for the reminder that taking the time to create these documents will be well worth the effort in the long-term.
J
My wife is not involved in the finances. She doesn’t have a lot of interest or knowledge. She would be a perfect candidate for extensive notes and directions. However, I have come to realize that it would all be overwhelming — no matter how well documented.
I am choosing a different direction; I am training her. She is motivated by one thing: the fear of being alone and not knowing how to access our finances. That fear trumps any lack of interest. We have started with utility bills, credit cards, and bank accounts. Something that I thought would be straightforward, has turned into a larger discussion and has taken much longer than I would have thought. This involved developing her OWN spreadsheet of account numbers, userids, passwords, and web sites. The exercise has revealed the need to create accounts for her and to change account registrations so that it will be easy for her to access if I were to die.
My tasks since retirement is to move towards a simpler investment strategy. I’ve reduced the number of positions and brokerages. I’m working on Roth conversions. I’ve automated dividend transfers to the bank. At some point, I’m going to abandon all investment strategies and just have index funds that run on autopilot and require no decision making. Simplicity will be my final gift to her.
Yes, a “love letter” is needed in case of something unforeseen happening. So, I’ll be doing both. But, the emphasis will be on training up.