WHY A LEGACY BOOK IS LIKE A LOVE STORY TO FAMILY—AND WHAT GOES IN IT
I’ve heard the story many times over.
“My parents didn’t tell us anything about their estate before they died—where they kept the will, where their bank accounts were. At first, we were at a loss. Our grief quickly turned to stress. Years later, after we finally settled the estate, we just felt angry.”
Sound familiar?
Sorting through a loved one’s “messy” estate can intensify an already painful time. Add in a family dynamic that feels strained and the situation can snap quickly.
According to a new Caring.com survey, only 42% of U.S. adults have estate planning documents such as a will or living trust.
What’s more, more than half of parents avoid money talks altogether. Sixty-eight percent haven’t discussed inheritance details with children, and 36% of heirs are unaware of their roles.
One simple way to avoid putting undue burden on loved ones facing an already difficult time is to prepare a legacy book. Talking to them about your plans is the last, and perhaps most important step.
A Legacy Book: a Lasting Gift to Loved Ones
A legacy book is an organized physical or digital collection of your most important financial and legal documents, account details, and personal information. Most important, having a legal book in place helps instill calmness and a plan, so your grieving loved ones can manage things with more clarity and calm if something happens to you.
Think of it as protection, like insurance. While you hope it’s never needed, it can dramatically reduce confusion, stress and conflict during an already difficult time. Just creating one encourages more intentional estate and life planning.
What’s In a Legacy Book
Whether you’re single or married, in your first job or retired, parents of young children or empty nesters, having a legacy book keeps everything important in one secure, accessible place.
A legacy book is for anyone who wants to make life easier for family in an emergency.
How to Set One Up
How you choose to organize your legacy book—and what you put in it—is what makes the process special. It’s like your life story.
Whether you choose to relay that story via a digital or physical collection, or a combination of both, make sure to tell a trusted loved one where it’s located and how to get into it when the time and need arises.
If you create a digital legacy book: Make sure your designated person knows how and where to log in to access your financial/legal information. Review the instructions together to be sure they understand the process.
If you create a physical legacy book: When it’s complete, be sure to put it in a fireproof safe. Your trusted person also should have a key or know the combination to get into the safe.
What Should Be In It
Your documents to include in your book can be organized into three main sections and categorized in folders (if digital) or tabbed (if physical).
Include this information:
SECTION 1—ABOUT ME/US (if applicable, add spouse or partner)
Full legal name and date of birth
Social Security number
A copy of your driver’s license and passport
Medical history and health insurance details
Monthly budget (to keep household running; include auto payments)
Pet care instructions and ownership
Final Wishes
Burial or cremation instructions
Type of service you’d like to have
Funeral home name and phone number
Letters to loved ones
Charitable giving and donation plans
SECTION 2—ACCESS & ADVISORS
Digital Assets & Passwords
Email and social media account logins
Online banking and investment portals
Subscription services (Netflix, Amazon, Spotify)
Cryptocurrency accounts and digital wallets
Key Contacts
· Financial advisor
Estate attorney
CPA and tax preparer
Insurance agents
Executor of your will
SECTION 3—DOCUMENTS & ACCOUNTS
Legal Documents
Will & trust documents
Power of attorney (POA)
Advance healthcare directive
HIPAA release form
Marriage & divorce certificates (needed for legal and estate processing)
Financial Accounts
Bank accounts and credit card details
Investment & retirement accounts (401(k), IRA, pension plans)
Life insurance policy information
Mortgage, loan and debt documents
Tax returns and CPA contact information
Property & Assets
Homeownership and mortgage details
Vehicle titles and loans
Jewelry, artwork, and collectibles inventory
Safe deposit box information and key locations
At Alia, we can lay the groundwork for your legacy book by:
· reviewing your beneficiary designations and retirement accounts
· organizing key financial documents while coordinating with your estate attorney
· recommending strategies to ease the burden on your loved ones
· ensuring your financial plan fully reflects your legacy goals
Contact us today for help to start creating your legacy book—and leaving loved ones the best gift of their lives.
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