Life has a way of throwing us curveballs and throwing us into emergency situations when we least expect them. You might get in an accident and slip into a coma. Or you could catch a surprise illness that takes a sudden turn for the worst. Whatever the case may be, having a death file for your loved ones to reference can make stressful situations a lot less chaotic.

The following is a guest post from Steve, aka Paper Tiger, and a long-time Financial Samurai reader. A near-death experience this summer prompted him to create a detailed “death file” so that his wife and daughter would be better informed about all the family’s financial details, including assets invested, taxes, expenses/paying bills, family trust, and more.

What Is A Death File?

A death file is a binder, folder, spreadsheet, and/or document(s) that contains all the information a loved one would need in the event of your incapacity or passing. It can be in physical or digital form based on personal preference. Depending on your circumstances, it could be as simple as one piece of paper or as lengthy as a book. A death file is also commonly referred to as an in-case-of-death-binder or simply a death binder.

Although nobody likes to think about when we may inevitably kick the bucket, preparing for your passing with a death file is an act of love and responsibility. Anyone who has had a loved one pass unexpectedly and had to settle their affairs can surely attest to that.

Examples of critical items that should be included in a death file include:

• Last will and testament
• Trust documents
• Beneficiary designations
• Estate attorney contact information
• Tax accountant contact information
• Instructions on where to access filed tax returns
• Life insurance policy account numbers
• Prepaid funeral and/or burial contracts
• Burial instructions
• Deeds
• List of all financial accounts – banks, retirement plans, credit cards, insurance, loans, investments, etc.
• Account info for all other bills – cable, phone, internet, utilities, gym, etc.
• Reference list of doctors, medications, medical release forms, etc.
• Login and passwords list
• Any other pertinent information about your life, assets, liabilities, responsibilities, and wishes.

Get Serious About Creating A Death File

Before becoming a father in 2017, I dreaded changing diapers. Now that I am a father, I long to win the poop lottery. To see my boy take a gigantic dump is curiously gratifying. Digestion system. Check!

Before becoming a father, I wrote a lot about supporting mothers because I couldn’t fathom having to carry a child in my belly for nine months. It didn’t seem possible to naturally give birth to something so big. Watching a C-section video is also uncomfortable. I felt guilty not providing equal care. It was the least I could do.

But now that I am a father, I’ve come to realize that I haven’t been giving fathers enough credit. Being a father is damn hard work! From 11pm – 6:30am shifts, to then having to go grind it out at work, to providing constant moral support, I give props to all dads. I wish the mass media would better recognize dads rather than constantly vilify fathers for not doing enough.

There is a tremendous amount we fathers can do to provide for our children and make our partners’ lives easier. I simply do not believe fathers are given enough credit. Most articles you see are about fathers not doing enough around the house or not spending enough time with their children.

But I believe encouragement is a strategically better way to make fathers try harder.

If there’s one generation wealthier than ours, it’s The Bank Of Mom And Dad generation. Because our parents have had on average three decades longer to save and invest, it is only natural they have more money.

Therefore, as a shrewd son or daughter, one of your goals may be to extract some wealth from your parents while they are still alive. It may sound cruel or dishonorable. However, I can assure you that adult children have been doing this forever, especially in higher-cost areas of the country. Most just keep it a secret.

Further, given the vast amount of wealth that has been accumulated by The Bank Of Mom And Dad, more parents are willing to help their children financially while living as well. This isn’t a forced wealth transfer. This is a wealth transfer based mostly on love, followed by necessity.

If you’re thinking about hiring an au pair, you know firsthand how much work is involved in raising kids. The pandemic switched life to extreme hard mode for working parents with young children.

Thanks to the vaccine rollout, the peak of the pandemic seems to be behind us. However, we’re still homeschooling our son, at least until this Fall. It can be exhausting at times with a wild 4-year-old and a very curious 1-year-old at home practically 24/7. They get into everything!

But the days and memories we’ve had with them are also precious. We’ve far surpassed the average amount of time a parent spends with a kid a day. Further, we’ve also been able to save $24,000 so far on preschool tuition.

For those parents who are constantly exhausted, hiring an au pair could be the perfect solution. And thankfully, hiring an au pair is now more feasible due to new regulations under the Biden administration. Starting on March 31, 2021, hiring an au pair gets the green light for families in America!