Broker Check
Estate Organizer: My Policies

Estate Organizer: My Policies

| March 29, 2018

As an advisor I have seen firsthand the difficulty or the ease of settling an estate, depending upon the preparation done prior to death.  For this reason, I have been writing about getting your affairs in order since the start of this blog. 

We have established that it does not have to be overwhelming to keep track of all that makes up our estates.  This is especially true when you have a system or a guide to the process which is what we aimed to accomplish with our estate organizer.

Today, I want to discuss the sixth section of our organizer called My Policies.  The policies I am referring to are all of the various types of insurance policies and social security information. 

A single individual may have auto insurance, health insurance, disability insurance, life insurance and long-term care insurance.  With each policy comes its own unique provider, payment arrangement, policy number, expiration date, group number, benefit details, length and exclusions. The list goes on and on!

If you are just getting started, it may be beneficial to start with the basics.  Try to gather any documents you have associated with these policies and list the following basic information about each.  

Additionally, if you or your spouse are currently receiving any Social Security benefit, it is important to add this information into your estate records.  Be specific about the amount you receive each month from Social Security and list any disability benefit you or any of your dependents are receiving due to your disability.   

All this information is pertinent for a loved one closing out your estate.  So organize it in a way that can be easily updated as your policies change over time. 

Aside from getting the policies you already have in order, if you would like more information about what these policies are and how they may benefit you, we welcome questions.  We at Petra Financial Solutions would be happy to help you navigate the complex topic of insurance or point you to experts in the field who surely can.

And, if you would like to dig deeper into the process of getting your “ducks in line,” ask for a copy of our estate organizer and get started today.

Until next time, cheers!


Related Links