Out of Chaos an organizing newsletter
Death and Taxes
Truly the apocalypse is nigh when The New York Times’ “Vows” section, usually a respite of weddings and romance, runs an article on important financial matters couples need to discuss in case of death, divorce or unemployment. Romance is so 2019.
Turns out, the article had some great advice and included a handy list of important questions (you know how I love a list). The key point I would distill from this article is this: Both partners in a marriage or domestic partnership should know what assets exist and how to access them. Of course, it doesn’t just go for partners; I recently spent a session helping an older client filling out a comprehensive document listing every asset, account number, telephone number, and so forth that her heirs could possibly need.
I’ve written often about how you don’t do your children any favors by hanging onto to every memento from their youth, or filling your house with family heirlooms you don’t know if anyone wants. Another important way you can make things easier for loved ones is to have your financial and bookkeeping ducks in a row. Even if you don’t have any “major assets” or kids, the reality is, we will all, (God willing) get older, and whether you like it or not, you may need help managing your finances and paying bills. And, eventually you will exit this mortal coil, and it will be easier for those left behind, be they friends or family, if your passwords are in one place and your papers are in order. It’s useful advice for people in flood or fire zones as well: You want to be able to grab all of your important information in one fell swoop if you have to leave quickly.
This is a very anxious time, and I always think the best thing to do with anxiety is use it to your advantage. Put that nervous energy into making a list of all your account numbers and important contacts (lawyers, accountants, credit card companies) and get all those passwords off of PostIts and into one place, whether it’s a digital account or a dedicated notebook (unused address books work well: You can alphabetize).
Despite all that 2020 has delivered, I don’t really think the end is nigh—but it has convinced me that should (or when) the next catastrophe occurs, I definitely want to be organized.