Organizing your important financial and personal papers before anything happens can give you peace of mind and help your loved ones should something happen to you. No one wants to think about death but when it does occur, it’s a traumatic time for the family. Having everything organized can relieve some of the tension while family members are mourning. There are a number of protective things that every family needs, including life insurance to care for the family. When looking for life insurance in Queens, NY, Margolis & Associates is ready to help you and your family.

Estate Planning and Keeping Important Information Together

When you are pulling everything together, think about the information that your family will need. This includes your life insurance policy, financial information, and power of attorney. It’s also important to include passwords and account information that would be pertinent to those close to you. Taking the time to get this information together gives loved ones protection should something happen to you. They will have the information that they need but they will also know what your wishes are. Having the information laid out clearly makes it easier for everyone.

Beginning the Process

While this doesn’t have to take a long time to pull together, it does require thought and some planning. This means that it could take you a couple of weeks just to ensure that everything is organized the way that you want it. Some compile their information into digital files for easy storage and updating. You should consider also printing off hard copies of everything and storing it in a binder so that it is easy to access when needed. This does mean that you have two lists to keep updated but it can make it easier for others.

Information to Include

While everyone will have different types of information that need to be included, these are some of the basic things to consider.

  • Will
  • Life insurance policy
  • Bank information, credit cards, and any financial holdings
  • Deeds to your home and any property
  • Auto titles
  • Birth certificate
  • Marriage license
  • Power of attorney
  • Important accounts and passwords

Organizing the Information is the First Step

When you have everything put together, it’s important to let family members know where it is. This may be a conversation with your spouse or children. It doesn’t have to be a sad talk, just let them know that should anything happen, you’ve taken clear steps to take care of them. While access to the information isn’t readily available until it is needed, they will appreciate understanding that you loved them enough to take care of things. You may also consider giving a copy of the information to your lawyer with instructions on how the information is to be used.

When looking for life insurance in Suffolk County, the team at Margolis & Associates can help. Give us a call today so that we can discuss the best options for you and your family.