As discussed in previous posts, sorting through a parent or grandparent’s affairs and finances can be daunting, but planning ahead and making use of some tools and strategies to help organize and collect vital information can prevent a lot of stress later on. Electronic storage of important documentation and record keeping can be very helpful. There are virtual vaults to store all estate planning documents, financial reports, and pictures of valuable items. In addition there is financial planning software called “Living Balance Sheet” which allows you to organize storage of all financial information with easy, yet secure, access.
A password manager such as SafeInCloud, helps with managing passwords. It can be auto-synced across a number of devices so when a change is made on one it is updated to others. Getting a system like this started is a great way to not only help people simplify their lives, but will also make taking over financial affairs easier for children later on.