My brother passed away 3 years ago, and I took on his role in the family business. One of the things I had to do was inform myself of the background and history of certain things. My brother had kept all the information in his head, and a very limited amount on paper. It took me a good six months or more just to get a handle on things.

If you have a family business, or your own personal business, or even if you have any kind of complications in your personal finances, it's a good idea to just write down a few background facts in case anything happens to you suddenly, before you can inform whoever might have to take care of things later.

For example, I run a small art glass business. So I keep a file with all my basic information (passwords to bank accounts, basic instructions on using the website, and an inventory key) in my file cabinet labeled "Instructions". In the family business, I keep a file with information on some of the history of certain business transactions (when we did major renovations to the building, when we purchased significant pieces of equipment, etc.). You might think - well, doesn't she have the contracts or purchase orders or whatever? Yes, but if the event was twenty years ago, those files might not be immediately accessible. It doesn't hurt to have something on paper, right at hand, for when you need it.

In your personal finances, you might want a list of all bank accounts, insurance policies, personal loans, safe deposit boxes, etc, in one place. Your executor will have to go through your files to find all this - it's a good idea to make it a bit easier for them. They might be dealing with a lot of stuff if you pop off suddenly. Also include the date and the location of a copy of your will.

My brother's final illness made it difficult, nearly impossible, for him to concentrate on passing on information to me or to his wife, and it took us both a long time to get a handle on all the info he held in his head. So have mercy on your heirs and get some of this information in place where it's easily accessible. (and update it annually - that's what I've been doing this week).

Carolyn

Carolyn, This might be a helpful link:

In Case I'm Not Here

Every family should have one of these set up. I have tried to include everything in mine that someone would need to run our household or take care of things if I were gone. All account #s, detailed info on where to find everything, etc.

i am in the process of getting a binder set up also with trust info and medical information in case of incapacity.i may be dense,but ive been afraid to write down passwords to bank accounts and other important stuff.what if someone breaks into our home and finds this so readily available?as i said im probably making this more worry than is needed.but any ideas on where to store the binder and all the important info/thanks for your ideas

I use a plain binder that has no label on it. My family members know what it is and where to find it.

Ditto. I have one in the office (although i don't worry much about that one - it's in a locked file cabinet), and one at home. chefsam, thanks for that link! It'll be very helpful.

Carolyn

For passwords and such it may be helpful to make up a SIMPLE code. Then tell those next to you how to crack the code. I have all my internet passwords in an extra addressbook. I use it like a regular addressbook except the name is the website and the address and phone number etc are the username and password.

I don't write down the actual password for each entry I have a code. I based it on my main use for the password. (I mostly use 3-5 passwords, and I KNOW that's not a good idea, I'll change it one of these days.)

Basically for the password I put either a 'm' an 'h' or a 'k' with a circle around it (like the copyright symbol) If I put the (h) that means the password is the one that was my main Hotmail password for a while... I know what it is. etc

The trick is to put the page that says (h) stands for... somewhere safe... like a safe If this is for if you die before your spouse (or whomever) those people will have access to the safe.

Just don't create a file that is passwords.doc

I have a basic hardcover notebook, not labeled, sandwiched in between several blank books in my desk drawer. All important info is in there along with passwords. I have just set up another one for DBF as he is "technically challenged" and suffers from CRS (can't remember s_it, as he likes to call it).

All important papers/policies are now in the firebox in the office.

thank you all who answered my question...gave me some good ideas about dealing with passwords etc,and where to hide the binder.thanks again!

Passwords, ha ha! I have some that I have no problem remembering, and they are not obvious like birthdays or family names. I do have some written down in a booklet which I can never find when I want it (maybe no one else can find it either).

Sometimes I get clever and decide that I can remember an important password, then I don't need it for a few months. Can I remember it then? Of course not! it is usually something important, too. I hate having to reset passwords.

I always knew my GON password but being busy for a long time, I didn't use it, and then I couldn't get it to work. Months later I figured out that my sign-in name was the problem, put it in correctly, and "bingo", I was back in the forum!

I have a couple of binders and folders set up for the "In case" scenario.

One thing I recommend is giving copies (if any) of key medical information to your doctor, such as power of medical attorney, instructions for what you do or don't want done, etc. Some people want a Do Not Resuscitate order on file. I have a document saying food and water must not be withheld, even if no other treatment is provided, and specifically authorizing organ donation.

For the power of medical attorney, power of general attorney, and executor/-trix of one's estate, it is a good idea to have copies of them on hand in a binder or file, as well as in a regular attorney's office (preferably the one who helped with the documents). It's also advisable to let people know if they will NOT be serving in those capacities, so there are no surprises or problems later. Of course, for someone to serve in a particular capacity, you must have their consent. Some states also require that they live in the same state as you.