Do you have a "master financial list" for your partner/family?

[bjl584]

Funny you should post this question.

I've actually been crafting a sort of personal financial mission statement for myself.
Outlining overall goals and a general road map of how to get there.

[disneysteve]

Funny you should post this question.

I've actually been crafting a sort of personal financial mission statement for myself.
Outlining overall goals and a general road map of how to get there.

That sounds like a great idea. I've never done anything like that. This list is strictly an accounting of everywhere we have money and how to access it. It says nothing about how it's invested or what she should do with it after I'm gone. She'll have to figure that out on her own, with help hopefully from some trusted folks like our accountant.

Maybe I should add the info for this site so she can come here if she has any questions.

[rennigade]

Just use LastPass for your password manager. Pretty much the best one out there. User friendly app for your phone. Just dont forget the password to access LastPass!

[LivingAlmostLarge]

Sort of. We share lastpass and we do have an excel spreadsheet with most accounts.

[myrdale]

I had a will put together earlier this year. One question I had for the lawyer was about listing my accounts in it. She did not recommend it. Rather I have a list of each of my accounts, checking, savings, 401K, IRA, life insurance in the same folder with my will. I also gave a copy of the will and list to my mother for her to keep in her safe.

Also keep in mind with all of your accounts, to have a beneficiary set up. While most new accounts may require this, I found I didn't have one listed on my checking or the 401K.

[disneysteve]

I had a will put together earlier this year. One question I had for the lawyer was about listing my accounts in it. She did not recommend it. Rather I have a list of each of my accounts, checking, savings, 401K, IRA, life insurance in the same folder with my will. I also gave a copy of the will and list to my mother for her to keep in her safe.

Also keep in mind with all of your accounts, to have a beneficiary set up. While most new accounts may require this, I found I didn't have one listed on my checking or the 401K.

I agree about the beneficiary designation. That is super important.

I also agree that your account list doesn't belong in your will. Every time you change anything, you'd have to update your will which would be a pain (and expensive if there's a lawyer involved).

[scfr]

Yes, but it is woefully out of date. And our wills need to be redone because the most recent ones were made when we lived in Texas, where we no longer live.
I know what needs to go on the top of my financial goals for 2020.