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Ask Dave

What's In A Legacy Drawer?

Rob asks Dave to explain the Legacy Drawer and what should be in it.

QUESTION: Rob on Twitter asks Dave to explain the Legacy Drawer and what should be in it.

ANSWER: The Legacy Drawer is a drawer in my office that my wife or my kids can go to if something happens to me, and all of the important paperwork is in there and is organized. Of course, it would start with a will, a full financial statement and a list of the accounts and where all the money is, and it would leave instructions on each one of the things. It would have each of the types of insurance: life insurance policies, health, auto, disability. It’s all in there. It would have instructions about a funeral. It would have access to the safe deposit box if there’s anything in there. You can go through that drawer step by step, and every single thing having to do with your financial life is organized and in there, and it leaves a legacy. Most people, when they die, leave a mess. The grief is exponentially larger because you’re mad at the person who died because they left you with a mess. It’s ridiculous. Leave a legacy. Have a drawer in your home that is all the details.