by Cynthia M. Lifson | Jul 19, 2018 | Notes from the Desk of Cynthia Lifson
In case you missed it, an article in the business section of the Washington Post discussed a topic that I have been concerned about for years, the creation of “The Big Book.” As explained by Reporter Thomas Heath in his May 18 article, the rich have what can amount to an army of professionals to track information on their financial lives. For the rest of us, “The Big Book” is a way to keep ourselves well informed about our assets, liabilities, basic documents, and other important bits and pieces that make up our daily lives in a complex digital world, including passwords to various accounts. Having “The Big Book” in hand promotes independence and self-sufficiency. Being organized is the basis of good financial and estate planning. Among items to be considered for inclusion in “The Big Book” are important documents such as copies of passports, work IDs, marriage licenses, birth certificate and Social Security cards, along with digital sign-ons and passwords. Heath also recommends to include documentation related to real estate, automobiles, bank accounts and investments and retirement accounts, insurance policies, and lists of health care providers, medications and emergency contacts. While copies of estate planning documents such as wills, trusts, power of attorney, and advance health care directives are a part of The Big Book, to avoid difficulties, it is wise to keep originals of certain estate planning documents – notably wills and trusts – in a separate space. While we live in a digital age, maintaining the originals of certain key documents remains important. While compiling The Big Book may initially seem daunting, when this...
