Fall is my favorite time of year! I love the cooler weather, autumn colors, football, and all things pumpkin (orange is my favorite color!). The fall season is also a good time to clean out, organize and plan ahead.
Organizing and planning ahead is the first step in creating the family legacy drawer. The family legacy drawer is a place where you put information your family will need to carry on in your absence. It is a way to say “I love you” to the family members you leave behind. It will contain documents like your will and trust, listing of financial accounts, insurance policies, final wishes, pins/passwords to online accounts, and other family legacy items. Everything your spouse or family members need to know when you are no longer around.
This is a task that most people put off because they don’t plan to die soon. But, every household needs one! It doesn’t matter whether you are young and single with no kids or a 75 year-old grandmother with 10 grandkids. It is the last gift you will give your family and if you truly care about your loved ones, you will take the time to create a family legacy drawer.
There are three distinct benefits of having a family legacy drawer:
- Spares extra grief – Losing a loved one is tough enough on the family. Sadly, the pain, stress, aggravation, family quarrels, and lost time that results from poor planning and organization only multiplies the pain. Creating the family legacy drawer will communicate your wishes to your family and lay out a roadmap of the steps you want them to take. Compiling this information now will not only simplify things for your family, it will clearly express how much you love them.
- Saves money – Attorneys, accountants, and financial advisors charge thousands of dollars to organize our estates when we die. Part of these expenses are simply time tracking down records of what we own, what we owe, who is in charge, and who should receive the property. By having the family legacy drawer in place, you can save a portion of the money because you won’t have to pay advisors for hours of time wading through records.
- Provides a good foundation – The family legacy drawer creates clarity and organization. Your family will be able to go to one specific place to locate all your important documents. There will be instructions for them about your final wishes and how you want your estate handled. There will be family history, stories, and pictures so your family can carry on the legacy you have created for them.
The family legacy drawer can be physical like a file drawer or fire-proof safe. It can also be virtual with digital documents or a combination of both. Whatever storage method you choose, be sure to inform your family of its location and keep it updated.
Creating your family legacy drawer is a great fall project! Schedule it on your calendar and then splurge on a pumpkin latte and get started. Your family will be forever grateful!
Thank you for posting this, Mary. I have partially started, but need to get more organized.