Free Personal Fact Sheet

"Business interests" includes all types of ownership interests in companies that are not publicly traded, including for example, an investment in a joint venture with another person, or the ownership of a sole proprietorship or ownership in a partnership. These business interests should be listed separately from your personal assets, even if you own the entire business yourself. If the business interests are extensive, you may want to prepare a separate summary for the business itself.

The various insurance sections will assist you in establishing and maintaining an up-to-date listing of your motor vehicle, homeowners (or renters), life, health, disability and other insurance policies.

It is also important to review the beneficiary designations for your life insurance policies. A beneficiary is the person entitled to receive the insurance proceeds when the insured dies. It is important to understand that the designated beneficiary will receive the insurance proceeds, even if this is in conflict with the terms of the decedent's Will. In other words, the designation of the beneficiary controls the disposition of the policy's proceeds regardless of what the Will might say otherwise.

A complete financial summary must contain loans, debts, and other liabilities in addition to assets. Debts should be listed at an amount equal to the current outstanding principal amount. For example, the amount listed for a mortgage loan or credit cards should be the current outstanding principal balance. It is not necessary to list monthly bills, such as rent payments and utility bills.

The Personal Fact Sheet is not a formal legal document; it is a worksheet that allows you to organize personal data and financial information. Optional sections include a summary of assets and liabilities, a summary of insurance policies, and a free-form paragraph. The final document should be stored in a location where the person who may become responsible for your affairs would expect to find such information.

In addition to the organization of your financial matters, this document may be useful to your spouse or other family members if you become incapacitated or upon your death. It contains the type of information needed if another person is required to manage your financial affairs, such as a Conservator appointed by a court, or your Agent as designated under a Power of Attorney. Also, this document contains the type of information that a lawyer or an executor would need for the administration of your estate.

Real estate is often difficult to value. However, assessments for property tax purposes, and the recent sales of similar real estate in the same area can be useful in estimating the fair market value. Refer to the deed or other document of transfer to verify exactly how the ownership (title) of the property is held. The legal description of the real estate may be obtained from a deed, real estate contract, loan documents, or other real estate records. Your local property tax authority may also have the legal description for the property.

A safe deposit box is a container rented by a customer in a bank in which the customer deposits important papers, securities, and other valuable items. Generally, two keys are required to open the box, one retained by the bank and the other by the customer.

In the event of incapacity or death, family members will need to have access to the important documents stored in the box. Therefore, it is important to identify the banks at which the deposit boxes are located and the location of the keys. If the keys cannot be located, you or your estate will be charged a fee to have the box drilled open.

Some states require that upon the death of a safe deposit box owner, the safe deposit box be "sealed" so that an inventory of the box's contents can be made by bank personnel in conjunction with a representative of the estate, typically the executor. Once an executor is appointed, the executor may have access to the box upon proof of such appointment. If the box is held jointly with another individual, that other individual will later have access to the box.

If no executor or administrator is appointed for the estate, a bank may allow a family member access to the safe deposit box if that person first signs an "indemnity agreement". Such an agreement generally states that the person taking control of the box contents agrees to be responsible if anyone later makes a claim against the bank for releasing the contents of the box.

1. The Personal Fact Sheet is not a legal document and does not require any signature, witnesses or notarization. It is merely a worksheet to document personal data and to organize the financial information of the Participant.

2. The document should be stored in a location where the person who will become responsible for the affairs of the Participant would expect to find such information. In addition to organizing financial matters, this document may be useful to the Participant's spouse or other family members if the Participant becomes incapacitated, or upon his or her death. It contains the type of information needed if another person is required to manage the Participant's financial affairs, such as a conservator appointed by a court, or an agent of the Participant as designated under a Power of Attorney. Also, this document contains the type of information that a lawyer or an executor would need for the administration of an estate.

3. The document should be reviewed and updated at least annually in order to reflect additions or changes to the information contained in it.

Motor vehicles and items of personal property such as household furnishings, electronic equipment, appliances, sporting equipment, collections, jewelry, and antiques should be listed. Each vehicle and each item of significant value should be listed separately. However, insignificant personal property and household furnishings may be listed as a single item with a total estimated value

Various legal documents are effective to carry out an individual's instructions upon the occurrence of certain events, including, for example when such person is unable to act on his or her own behalf. Also, an individual may appoint someone else to act as his or her agent in specified instances or upon the occurrence of specified events. Examples of such documents include the following:

Will
A Will is a document under which a Will writer states his or her intentions regarding the persons ("Beneficiaries") who will receive the Will writer's property upon his or her death, and the person or entity ("Executor") who will carry out the Will writer's wishes.

Living Trust
A Living Trust is a trust created by a person (known as the "Grantor") to manage the Grantor's property during the Grantor's lifetime. Typically, the Living Trust includes provisions that provide distributions of the Trust income to the Grantor during the Grantor's lifetime. After the death of the Grantor, the Living Trust has provisions that designate Beneficiaries who will receive the Grantor's property, similar to a Will. The Grantor generally manages the Trust during the Grantor's lifetime as the "Trustee"; after the death of the Grantor, a Successor Trustee carries out the remaining terms of distribution of the Living Trust.

Pour Over Will
A Pour Over Will is a specialized will that is used as a supplementary document to the Living Trust. Its primary function is to "pour over" the Will writer's remaining assets (at the Will writer's death) into the Will writer's Living Trust. A Pour Over Will should only be used if a Living Trust has been established.

Living Will
A Living Will is a document under which a competent adult, prior to becoming unconscious or incompetent, declares his or her intention that life-sustaining procedures should be withheld or withdrawn under specified circumstances. A Living Will should not be confused with a Will or a Living Trust.

Health Care (Durable) Power of Attorney
A Health Care (Durable) Power of Attorney is a document which allows an individual (the "Principal," or "Declarant") to designate another individual (the "Agent") to make health care decisions for the Principal if the Principal is unconscious, incompetent or otherwise unable to make such decisions. The document may also contain statements to explain the Principal's wishes, in order to guide the Agent in making health care decisions for the Principal.

Power of Attorney
A Power of Attorney is a document under which a person (a "Principal") authorizes another person or entity (an "Attorney-in-Fact" or "Agent") to act on his or her behalf. The Agent will be able to handle the Principal's affairs during a period of time when the Principal is unable or unwilling to do so. A General Power of Attorney authorizes the Agent to act in a wide variety of situations. In contrast, a Special Power of Attorney authorizes an Agent to act for the Principal only in specific situations.