End of Life Guides
Creating a Love Drawer
Many financial professionals believe that life insurance should be referred to as “love insurance”. As cliché as this may sound, it certainly has a tremendous amount of merit. What better gift is there to give your family and loved ones upon your death than a large sum of money to be used for such things as income replacement, college tuition, retirement, taxes or estate taxes, charitable gifts, and much more? And if you really think about it, the last thing you would want to add to your family at the time of their emotional loss and grieving is financial pressure.
Watch this brief 2-minute video on why a “Love Drawer” is so important:
Most of us would agree, including financial professionals, that life insurance plays an large role in creating a sound comprehensive financial plan. So in keeping with this theme of love, here is an even better idea. How about also adding another layer of love towards your end of life plan – with a love drawer.
What Exactly Is a “Love Drawer”?
Simply put, a love drawer is a place where the person (or people) you choose can turn to, should you pass unexpectedly, to find all of your important information. This includes complete and instructions for all of the aspects of your life including things like your last wishes, financial affairs, special instructions, personal messages, and even your end-of-life plans and preferences.
What Key Information Should be Kept in This “Love Drawer”?
Below you will find a list of most (but certainly not all) of your personal and money matters that should be needed and addressed:
1. The firm name, address, and phone number of your Estate Planning Attorney
2. Your actual Last Will or Living Trust
3. Insurance Information
4. IRA’s and Life Insurance Information
5. Investment Information
6. Employer Information
7. Social Security Statements
8. Debts and Corresponding Contact Information
9. Deeds or Titles
10. Burial Wishes
11. Love Notes
12. Any Other Important Documents and Vital Statistics
A Few Other Ideas – Our recommendation is that you tell at least three people who you love and trust where they can find this love drawer. These people can be anyone such as your spouse, parent, child, friend, or even your financial advisor or attorney. In addition, even though it may seem obvious, I would ask them to please respect your privacy and never open this drawer until it is absolutely necessary. These entrusted loved ones will be the ones who help ensure that someone will be there to step up promptly and act upon the details and instructions you have carefully assembled in your love drawer.
We encourage you to update this love drawer at least every two years. One of the few things we can guarantee in life is that things will change. Given the fact that we have many things in our lives that are constantly changing like taxes, estate taxes, family, age, health, wealth, our final wishes, etc., we should regularly review and revise this love drawer. These updates help to reflect any financial or personal matters that should be added, revised, or removed.