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Ask Dave

Break Down The Legacy Drawer

What does Dave think you should have in your Legacy Drawer?

QUESTION: Lisa on Twitter asks Dave to explain the Legacy Drawer.

ANSWER: One way you say I love you to your family is to have your financial act together, and it’s organized and in a central location so people can find it if you are sick, disabled or die. That drawer has all the essential documents like your will, estate plan, power of attorney statements, access to lockboxes, mutual fund statements, life insurance policies, other insurance policies, deeds to properties, instructions for helping your loved ones. Anything that has something to do with your financial life should be in the drawer.

It should be organized to where a small child can open it and find exactly what they need. If something happens to me, my wife can go to this cabinet and open it up, and it’s got everything she needs. It’s a way to tell her I love her, and it’s called the Legacy Drawer.