Business Strategies

If something happened to you tomorrow, could your family find your insurance policies, bank accounts, tax returns and passwords? A document locator is a single organized record of what you have and where it is. It is one of the most useful and least expensive things you can do for yourself and the people who depend on you.

What a Locator System Is

A document locator can be a binder, a fireproof box with an index, a secure spreadsheet or a password-protected digital folder. The point is not to hold every paper in one place. It is to list each important item, say where the original is kept, and name who to call about it.

What to Include

• Personal documents: birth and marriage certificates, Social Security information, passports, military records.
• Legal documents: wills, trusts, powers of attorney, health care directives, and the name and number of your attorney.
• Financial accounts: bank, brokerage, retirement accounts, with institution names and account contacts.
• Insurance: life, health, disability, auto, homeowners, long-term care, with policy numbers and agent contact details.
• Real estate and vehicles: deeds, titles, mortgage and loan papers.
• Tax records: past returns and the name of your CPA.
• Debts and obligations: credit cards, loans, leases, regular bills.
• Digital life: where login information is stored, and how a trusted person could access it.

For Business Owners

Add formation documents, operating or partnership agreements, buy-sell agreements, key contracts and leases, insurance, bank accounts, payroll provider details, licenses, and the location of financial statements and tax returns. Note who has signing authority and who knows how the business runs day to day. A business that no one else can step into can lose value quickly if its owner is unavailable.

Building and Maintaining It

1. Start with a simple list of categories and fill in what you know.
2. Record the location of each original and who has copies.
3. Store the locator somewhere secure but reachable, and tell a trusted person where it is.
4. Avoid writing full passwords or account numbers in a place that could be exposed; list where they are stored instead.
5. Review it once a year, perhaps when you file your taxes, and update it after major events such as a move, a new account or a change in your family.

A Gift to the People You Love

When someone dies or becomes incapacitated, the family often faces weeks of searching while bills and deadlines pile up. An up-to-date locator takes much of that burden away and helps your advisors do their work faster.

If you would like help pulling your financial information together, get in touch with our firm.