Loan Information

A Box of Life for Valentine’s Day

When we think of Valentine’s Day, we usually think of flowers, a box of chocolates and a romantic dinner with the one we love.  Those are very nice ways to show the special people in our lives just how much we love them.

But I want to share with you a way that you can show your love, perhaps one you’ve never thought of.  But before I do, let me share a couple of stories I have heard over the years from clients and other professionals.

“About a year ago, I received a call from a very dear friend of mine.  Her husband of 20+ years had suddenly and unexpectedly passed away.  I dropped everything to be at her side and help her through the agonizing weeks to follow.  Her husband loved her very dearly; there was no doubt about that.  But he had not taken the time to change the beneficiary of his life insurance policy from his ex-wife to the love of his life.   He always meant to, they had even discussed it many times.  But he just never got around to it.”

“Just two days before this past Christmas, I received a call from a loved one that his fiancé had passed unexpectedly in her sleep at the age of 56.  I flew out Christmas Day to be with him during his time of sorrow.  I stayed with him for about a week.  Our time together was spent crying and offering comfort in any way I could.  Together, we accepted the task of trying to find her will and other important paperwork.  But to no avail.  My loved one and his fiancé had co-mingled their finances but now those monies are inaccessible until the will and other important paperwork are found.  It’s been over a month now and nothing has been found.”

You may ask “What does this have to do with Valentine’s Day?”  I’m glad you asked.  I would like to share with you what my wife and I have done to show our love for each other and our families long after we are gone.

We have created what we call “Life Box”.  We took a couple of hours one Saturday morning and went to Staples and bought a small plastic box with lid that holds hanging file folders.  Together, we assembled the contents of the box with all the information one of us would need….leaving nothing to memory or chance.

This time together was very special to both of us. The hardest part of this was actually setting the appointment with the estate attorney. Very few people like to talk about death and taxes. But when done in a way to protect and provide for the future, it can have a lasting affect. But if it does, a lasting sign of our love will be found in “Life Box”.   

I would like to encourage each of you, my friends, my family and my clients, to take a couple of hours and put your “Life Box” together. 

Life Box Contents

• Copy of Will(s) with a note as to where the original can be found.  It is a good idea to provide a copy to the executor of your Will.  
• Provisions for Children:  be sure they are clearly identified.  It is especially helpful for a guardian to leave a note regarding younger children and any special needs or desires they may have.  Keep school info up to date, name, phone and location of doctors, etc. 
• Copy of Life Insurance Policies with a note as to where the originals can be found 
• Copy of Beneficiary page from Life Insurance Policies 
• List of all Banks with account numbers, location, phone number and name of personal contact at the bank.  (Note:  if you are only an account signer, you will not be authorized to sign after the account owner has passed.  Check into a “Payable on Death’ form at your bank. 
• List of Investment Accounts, name and phone number of personal contact 
• Copy of Beneficiary Page for Investment Accounts 
• Location of Safe Deposit Box and the location of the key (many states will lock you out of the safe deposit box once they are aware of the death.  In this situation, they generally will accompany you to the box and only allow the Will to be taken out of the box.  Ask your bank how this is handled and make appropriate plans.) 
• Copy of Health Directive (if you do not have one, go to your local hospital and obtain a blank one and complete it) 
• Copy of Durable Power Of Attorney (can be obtained at local hospital, please note that all Power of Attorney’s cease upon death) 
• Important papers for pets, vet info 
• A personal note that could eliminate stress about other things, for example:  where is the key to the lawn mower, how the gas and oil is mixed for the weed eater, where is the check book kept,
• Any other important info a loved one would need 
• Military Veterans:  please contact us for additional information you will need