Record Keeping

There are some essential records you should have organized and ready to go. A copy of them should be in your file, or even better in a specific notebook dedicated to your most important papers. A second copy of these papers should be kept in a trusted friend or family members home or in a safe deposit box or on file at your attorney's office. Your spouse should know the location of these documents and also at least one other trusted friend or family member, probably the person you would choose to be the executor of your estate.

Items to keep in a safe deposit box or your lawyers office:

• A general power of attorney for your spouse, which will allow your spouse to make financial transactions in your name, the specifics of which will be spelled out in the power of attorney, should you become incapacitated. (both spouses would prepare one for the other). To be legal it must be notarized and signed by witnesses. Be very careful who you entrust with this power, the transactions they make in your name will be legally binding upon you.
• A will signed by you in the presence of witnesses, include the name of the person you designate as the guardian of your children and the person you would have to be your executor.
• A living will

Information to keep in duplicate notebooks, one in your home and one in the home of a very trusted friend:

• Vital statistics sheet with information about names, birth dates, birthplaces, social security numbers, parents names, and birthplaces for all the members of your family.
• Emergency Contact Sheet
• Personal Medical history of each family member. Pay special attention to listing any medications or allergies, include where shot records can be found
• Sheet explaining the location of your legal documents, should they be needed. Don't forget marriage and birth certificates, social security cards and military papers as well as your power of attorney, will and living will.
• A sheet explaining your will concerning your surviving minor children should you die or be incapacitated. Who will be their guardians. (this is also part of your will)
• A sheet describing your household financial obligations, to whom do you owe money every month and in what amounts. How are the payments made? When are they due? In case you are incapacitated and someone else must take over your household business they will need to know these things or you could face serious consequences including the loss of your home, large fines, and so on.
• The locations of utilities in your home and how to shut them off, the utility companies information, a recommended real estate agent should someone else need to sell your home, upon your death for example, the location of spare keys (one set should be kept with the duplicate notebook), important computer passwords so your financial information and so forth can be accessed by a spouse or executor in case of your incapacity or death.
• Information on your pets and how to care for them.
• Important information on any of your children that a person unfamiliar would need to know should they suddenly become the guardian of your child.
• Your desires for your funeral, if any.

None of this stuff is much fun, but it's not expensive to arrange and not really too difficult. For most people's estate a computer program that generates these legal documents is adequate. It's really tempting to put off, but especially if you have kids, don't.