January is a natural time for life-document organization because it offers a fresh start, setting a foundation for the year ahead.

January allows you to review changes from the previous year, and ensure these are reflected in your documents. With tax season around the corner, January is the perfect time to gather documents like income statements, receipts, and other financial records. Getting everything in order now can help avoid stress later.

Full credit to Hull and Hull LLP – a law firm in Toronto – for this really helpful blog post: What’s in your “When I die” Binder.

We just prefer to think of this as a “life” binder, where you store those important life documents.

What Documents Should Be In A “When I Die” Binder?

The beauty of this simple approach is that it is adaptable to both simple and more complex estates. This binder could include documents such as:

• A letter to the estate trustee summarizing any documents contained in the binder
• Copies of wills and testamentary instruments as well as Powers of Attorney
• Life insurance policies with broker contact information
• Bank and investment account lists with branch information
• Copies of IDs
• Contact information for next of kin, close friends, beneficiaries, and key individuals (lawyer, financial advisor, etc.)
• Copies of any agreements entered into, such as lease or business agreements
• Marriage or divorce certificates
• Funeral plans
• Information about digital assets and accounts
• Password manager information (for more information on this topic, see my article on 3 Tools to Transition Digital Assets and Accounts to an Estate Trustee After Death)
• Pension or retirement benefit information
• Recent tax returns, including contact information for the accountant or tax preparer
• Pet care instructions

The possibilities are endless and assuming the estate trustee has instructions on where to locate this binder, it will make the administration of the estate much easier.

If you are considering adopting this approach, it is important to keep security in mind when deciding where to store this binder and the contents. Store originals of documents in a safe, such as a fireproof safe, and keep copies of documents in the binder. As well, periodically review and update the binder to ensure the information is current.

This binder could be an invaluable resource for your loved ones, helping to ease the burden of navigating legal and financial responsibilities during a difficult time.