A letter of last instruction: Everybody needs one

1 1A letter of last instruction: Everybody needs oneA letter of last instruction is an organized wayfor you to give your family all the facts about yourfinances and have a basic tool for your ownmoney letter isn t a will or a substitute for one. A willis a legal document telling an executor how to dis-pose of property and personal effects. Attorneysdescribe the letter as a personal document, usuallywritten to a member of the letter does two big jobs:1. It outlines the location of all your importantpapers; and2.

2 It contains information about your personal de-sires how you would like your personal affairshandled when you die or are often put off writing the letter . It is,frankly, a big job of organizing and detail gather-ing. The worksheet pages in this publication arefor you to fill in, as applicable. The worksheet canserve as a model for writing a complete and or-derly letter of last should write the letter to the person mostlikely to take over your accounts. Generally, thismeans you would address the letter to yourspouse, adult child, or other relative or to yourattorney or other executor.

3 You may choose to goover the letter with a family member or closefriend. Couples can prepare the letter probably won t be able to write the letterall at once. Try tackling it one section at a time,allowing yourself a month or so to complete it. Theobject is to get as much detail down on paper asyou possibly additional pointers: While it is usually addressed to a spouse or rela-tive, the letter should also be clear to any thirdperson who may have to find and work withyour papers. Be specific about locations in my safe depositbox or in the bottom left-hand drawer of mydesk or in the blue file of the basement filecabinet.

4 If you have certain special wishes, for instanceabout the education of your children or the careof your pet, be sure to add these sections to theworksheet. You can use the worksheet as a checklist or fillin the blanks. Consider attaching copies of docu-ments you your letter is complete, make several cop-ies of it. Send one to your attorney or executor,clip another to your copy of your will, and keepone copy in the place your family would look your letter periodically. This is much easierthan writing the first 958 TopicSection 2 Income tax 14 Personal 19 Cemetery 13 Personal 3 Checking 20 Credit 11 Life 8 Safe deposit 7 17 Living 3 Savings accountsDurable power of 12 and certificates of 4 First things to 2 Money you can 1 Social 1,6 Funeral 23 Other insuranceSpecial 16(homeowner s and auto).

5 9 Veterans 1,16 People to 15 Cooperative Extension System o Agricultural Experiment Station2 Money you can expectFrom my employerName of employer_____Person to contact_____Phone_____Life insurance_____Profit sharing_____Accident insurance_____Pension plan_____Thrift saving plan_____Unused annual and sick leave_____Other employee benefits_____From insurance companiesName of company_____Person to contact_____Phone_____Total amount_____Name of company_____Person to contact_____Phone_____Total amount_____Name of

6 Company_____Person to contact_____Phone_____Total amount_____From Social Security (1-800-772-1213)Lump sum (if eligible) Yes NoMonthly benefit_____From Veterans Administration(You must contact VA to receive benefits)_____From other sources_____13 First things to doCall friend, neighbor, or relative (name)_____(phone)_____Notify my employer (name)_____(phone)_____Call my attorney (name)_____(phone)_____Make arrangements with funeral home_____(see section 22)Request several certified copies of the death Social Security and process insurance bank that holds home of personal papersWrite in the locations of the following personal papers.

7 Cross out the items that do not apply to and baptismal certificates_____Communion and confirmation certificates_____Divorce decree_____Durable power of attorney_____Inventory of personal property_____Inventory of contents of safe deposit box_____Last will and testament_____Living will_____Marriage certificate_____Military records_____Naturalization papers_____School diplomas_____Other (adoption papers, etc.)_____234 Savings accounts and certificates of depositFill in the following information for each of account_____Name(s) on account_____Type of ownership_____Account number_____Location of passbook_____Any special instructions_____Bank_____Address_____Ty pe of account_____Name(s) on account_____Type of ownership_____Account number_____Location of passbook_____Any special instructions_____Checking accountsFill in the following information for each of account_____Name(s)

8 On account_____Type of ownership_____Account number_____Location of canceled checks and statements_____Any special instructions_____545 Social SecuritySocial Security number_____Location of card_____Other names under which you had_____Social Security earnings reported_____Safe deposit boxBank_____Address_____Box number_____In whose name(s)_____Location of key(s)_____Location of a list of contents_____(or attach a list of contents to this letter )Life insuranceFill in the information below for each of all policies_____To collect benefits.

9 A certified copy of the death certificate may be required by each number_____Whose life is insured_____Company_____Company address_____Name of agent_____Kind of policy_____Beneficiary_____Cash value_____Issue date_____Maturity date_____How it is paid out_____Other payout options_____8766 Other insuranceAccident insuranceCoverage_____Company_____Addres s_____Policy number_____Beneficiary_____Location of policy_____Agent, if any_____Auto insuranceCoverage_____Company_____Addres s_____Policy number_____Location of policy_____Term (when to renew)_____Agent, if any_____Homeowner s insuranceCoverage_____Company_____Addres s_____Policy number_____Location of policy_____Term (when to renew)_____Agent, if any_____97 Other insurance (cont d)Medical insuranceCoverage_____Company_____Addres s_____Policy number_____Location of policy_____Term (when to renew)

10 _____Agent, if any_____Mortgage insuranceCompany_____Address_____Policy number_____Location of policy_____CarFill in the following information for each , make, and model_____Body type_____License number_____Identification number_____Location of title_____Year, make, and model_____Body type_____License number_____Identification number_____Location of title_____9108 Credit cardsAll credit cards should be canceled or converted to the name remaining on joint of cards_____Fill in the following information for each (s) on card_____Account number_____Company_____Phone_____Name(s) on card_____Account number_____Company_____Phone_____Name(s) on card_____Account number_____Company_____Phone_____Name(s) on card_____Account number_____Company_____Phone_____Name(s)