Many years before my parents passed away they gave me an envelope containing copies of their wills, living wills, power of attorney documents for healthcare and finances, and a map of my father’s office indicating what papers where in what file cabinets. It was an uncomfortable meeting, and it was a great gift. Losing a loved one is difficult enough. Having to try to piece together their financial picture without any help only adds to the pain.
The New York Times recently highlighted a free document from Merrill Lynch that will help you organize your financial life. It’ll take some time to complete, but it will be time well spent.
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