Money Tip: Keep a one page account summary
Recently, I was involved in settling an estate left behind by a family member who had passed away suddenly. Though the estate was fairly modest, it still involved rifling through a lot of personal papers and account statements to figure out where the bank accounts and such are held. It would have been immensely helpful if a one page summary of accounts had been kept. It doesn’t have to be anything fancy: just a list (including relevant details such as location) of bank accounts, investment accounts, real estate holdings, insurance policies, pension accounts and any other valuables. In fact, if you are in the habit of updating your net worth statement, you could simply add extra information such as account numbers and where its held and add information on insurance policies. Of course, you should also let your loved ones know where you’ve kept your personal finance information.
Related Reading:
- Real Estate Returns
- Wealth of Canadians: Assets
- Reader Question: Joint First-to-Die Life Insurance Policy
- The Implications of AIG’s Fall
- RDSP accounts are now available
Money Tip: Keep a one page account summary is brought to you by Canadian Capitalist — Helping you to invest & prosper.
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Filed under: Finance, Money Saving Ideas
