The Peace of Mind Spreadsheet: A Gift of Love for the People You Leave Behind

Having a will and a power of attorney is important. But in today's digital world, is it enough?

There was a time when getting your affairs in order meant having two important documents in place: a Will and a Power of Attorney.

And while both remain essential, our lives have become considerably more complicated.

Think about it. We now have online banking, investment accounts, automatic bill payments, subscriptions, email accounts, social media profiles, cloud storage, two-factor authentication and facial recognition. So much of our financial and personal lives exists behind passwords, security questions and digital access points.

And here's the problem: having a Will doesn't necessarily mean your family knows where everything is, what accounts exist or how to access the information they need.

This is something I've become increasingly aware of through my work as a Downsizing Specialist, helping clients prepare for their next chapter, navigate estate sales and manage the many details that come with a major life transition.

There is a gap between having the legal documents in place and having the practical information your family actually needs.

And it's a gap worth addressing.

A personal experience that brought this home

My mother-in-law passed away about 10 years ago. We recently received a phone call from a bank regarding an account that was still open.

An account we didn't even know existed.

Ten years later!

It was a reminder that even when families have done their best to organize everything, things can get missed. Accounts can be forgotten, automatic payments can continue and important information can remain undiscovered for years.

Now imagine trying to piece all of this together while grieving the loss of someone you love.

It's difficult enough to lose a family member. Having to become a detective, track down financial institutions, search through paperwork and figure out which accounts exist adds another layer of stress at an already emotional time.

And it's not just about money.

Our digital lives need a plan, too

Consider what happens to someone's online presence after they pass away.

What happens to their Facebook account? Their email? Their online photo albums? Their subscriptions?

Have you ever seen a friend request pop up from someone who passed away years ago? It's a strange and sometimes upsetting reminder that their digital presence is still out there.

Facebook, for example, allows accounts to be memorialized or, in some circumstances, permanently deleted. But someone needs to know the account exists and understand what the person's wishes were.

The same applies to online banking, utilities, insurance, investment accounts and recurring subscriptions.

Without a central record, family members may not even know where to begin.

Introducing the Peace of Mind Spreadsheet

This is why I encourage people to create what I call the Peace of Mind Spreadsheet.

It doesn't need to be complicated. In fact, the simpler, the better.

Think of it as a practical companion to your Will and Power of Attorney. A central place to record the information your trusted family members or representatives may need when you're no longer able to provide it yourself.

Some of the information worth including:

1. Financial Accounts

• Banks and financial institutions

• Chequing and savings accounts

• Investment accounts and financial advisors

• Credit cards and lines of credit

• Mortgages and other outstanding debts

• Pension and retirement income details

2. Household Expenses and Automatic Payments

• Utilities, property taxes and insurance

• Mortgage or strata payments

• Internet, telephone and cable

• Streaming services and subscriptions

• Automatic withdrawals and recurring payments

3. Digital Access and Online Accounts

• Primary email addresses

• Password manager and instructions for emergency access

• Online banking and investment account details

• Social media accounts and preferences

• Photo storage and cloud accounts

• Websites, memberships and subscriptions

4. Important Contacts

• Lawyer and notary

• Accountant

• Financial advisor

• Insurance broker

• Mortgage specialist

• Trusted family members or friends

5. Personal Wishes and Instructions

• Preferences for social media accounts

• What should happen to digital photos and personal files

• Important documents and where they are stored

• Who should be contacted

• Personal wishes and instructions outside of the will (pets and family heirlooms)

• Any other instructions that would make things easier for your family

Where should you keep it?

Your Peace of Mind Spreadsheet should be stored somewhere secure and accessible to the person you've designated to help. The important thing is that someone knows where to look and how to take the next step.

It should accompany your estate planning documents, not replace them.

Make sure your executor or trusted representative knows where to find it and understands how to access it if needed.

And perhaps most importantly, update it regularly.

A good rule of thumb is to review it once a year, or whenever you make a significant financial or personal change.

New bank account? Update it.

Changed email address? Update it.

Switched financial advisors? Update it.

It's a small task that can make an enormous difference later.

Remember, access to accounts after someone passes away is also subject to the institution's requirements, privacy rules and estate administration process. Having the information organized doesn't bypass those requirements, but it can make the process considerably easier.

A little organization today can make a big difference tomorrow

One of the things I see repeatedly in my work with downsizing clients and families managing an estate is just how much information is scattered throughout a home and across people's lives.

Important documents tucked into filing cabinets. Old bank statements in desk drawers. Insurance policies in binders. Accounts that haven't been looked at in years.

And then there are the things nobody thinks to ask about until it's too late.

Getting organized isn't always about decluttering a closet or deciding what furniture to keep. Sometimes it's about making sure the people we love aren't left trying to piece together the details of our lives during one of the most difficult periods they'll experience.

We spend so much time planning for retirement, travel, our next home and the next chapter of our lives.

Let's also spend a little time making things easier for the people who may one day need to take care of the details for us.

Because having a Will is important. Having a Power of Attorney is important.

But making sure your family knows where everything is, what exists and how to find it?

That's a gift of love.

And it's one of the simplest, most thoughtful things you can do.

A LITTLE HELP TO GET STARTED

I've created a Peace of Mind Spreadsheet to help you organize the important financial, household, digital and personal information that your family may need.

Access the FREE, downloadable Peace Of Mind worksheet HERE

You don't have to tackle everything in one afternoon. Start with what you know, personalize it for your needs, fill in the gaps as you go and make it part of your annual review.

A little preparation today can provide a whole lot of peace of mind tomorrow.

Because downsizing and planning for your next chapter isn't just about making life easier for yourself. It's also about making things easier for the people you love.

Shelley Hird
Downsizing Specialist and North Shore REALTOR®
www.thedownsizingspecialist.com