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Create a financial file today in Washington

| March 30, 2023 

The Washington Department of Revenue operates a fund where people can locate money they have forgotten about or that should have been accounted for in a relative’s estate. Creating a financial file can help stop this issue and relieve stress should a natural disaster occur or at the time of your death. The file should contain several vital pieces of information.

Cover letter

The file should start with a cover letter containing information about the file’s contents. This is a quick overview so people know they are in the right place.

Financial information

The file should include information about any financial accounts in your name, including any information, such as username and password, needed to access them. Be sure to list the exact name on the account and its location. This should include your bank and retirement accounts, stock funds, and other account types.

Your will

The file should also include a copy of your will and other estate planning details. If you have created trusts, this information must also be in there. Furthermore, the file should list your executor and their contact information.

Vital legal documents

This financial file section will vary slightly from one person to the next. It should have your birth certificate, social security card, insurance information, deeds and titles. You can include the actual document or a photocopy with details about the location of the originals.

Contact information

Make a list of the professionals you use, such as your lawyer, doctor and optometrist. If you are employed, include contact information for your supervisor. You will also want to make a list of people who need to be notified if something happens to you.

One of the most loving things you can do for your family is to create an emergency financial file containing vital information you keep updated regularly.

Further Reading

Your estate tax strategy can make or break your legacy

November 9, 2022 
Maybe you have big plans for your estate in Washington. You probably want to know that you’re doing what’s right. But before you get too deep into those grand aspirations, it’s important to make sure you have a full understanding of which estate taxes apply. When should you strategize your estate plan taxes? It’s never […]

The differences between an irrevocable trust and a will

September 13, 2022 
Washington residents who wish to begin planning their estate can choose an irrevocable trust or a will. These tools have notable differences. Irrevocable trusts An irrevocable trust allows you to hold assets beneficiaries inherit in the future. Anything held in an irrevocable trust is no longer yours once you place it within. You cannot change […]
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