-- A complete list of your assets -- liquid and illiquid. Liquid assets would include cash. Illiquid would include such property as your home -- things that would have to be sold to produce cash. Periodically update the list of assets, perhaps at tax time. In fact, tax time is a good time to review your will and your letter of instruction.
-- Documents relating to your assets -- mortgage papers, vehicle titles, marriage certificate, divorce or separation papers, any military records, investment information, bank accounts and retirement plans.
-- A list of any major debts outstanding, such as your home mortgage or car loans. Often after someone dies, creditors will contact the family. Sometimes the amount that the creditor claims is owed is incorrect. But how would you know without proof? Additionally, it's important you know that unless you co-signed for such debt, you are not personally obligated to pay it. The estate is responsible for the debt if there is money or assets left.
-- The names of your lawyers and any professional advisers, including your accountant, broker and insurance agent.
-- If you own a business, include documents related to it and a list of key employees who should be contacted.
Following is a list of Web sites where you can download for free either a template for a letter of instruction or detailed information about what the letter should include. You should tailor the letter to your specific situation.
-- www.federalretirement.net/retiresamples.htm. The information here is intended for federal workers, but anyone can adopt this format.
-- www.aarp.org. Search for "letter of instruction."
-- www.ohioline.osu.edu. Again, search for "letter of instruction."
Before she died, my grandmother showed me where all her documents were kept -- in a beige purse tucked in the corner of her bedroom closet. Because Big Mama left such good instructions, I handled the closing of her estate with ease.