Do You Have Your Legacy Capsule?

What is a Legacy Capsule?

A Legacy Capsule is a storage bin, binder, drawer, etc. that contains every and any important document in case something happens to you- whether it’s a car accident or death. This Legacy Capsule helps keep your family prepared AND let’s those important to you know what your wishes are.

This is not a fun task, I know, but it will be well worth it for both you and your loved ones in case of emergency. You’ll want to make sure family members can find the document they need within 30 seconds, so it’s helpful to tab each document in an organized manner.

Here is a great starting point!

  1. Cover Letter – This is simply a letter stating the purpose of the Legacy Capsule. Nothing fancy, just a way to introduce your loved ones to the contents of the container and let them know your intentions for creating it.
  2. Estate Plans (Will and Trust) – All information pertaining to your estate plan, including the names of the executor/trustee and Power of Attorney should be located in one file. You could also include information to your attorney so your loved ones know who to contact.
  3. Financial Accounts – Anything that has money in it and your name on it should be listed in the Legacy Capsule. This includes account names, amount and account numbers. If you have created an estate plan with me this information is on your Schedule A and underneath the personal information tab.
  4. Funeral/Cremation Instructions – All details and specifications for funeral/cremation plans should be listed so the family can fulfill your wishes. If you are married, you need one for you and one for your spouse. Again, this can be found in your estate planning binder under the memorial tab.
  5. Insurance Policies – All insurance information, including health, car, disability, homeowners, term life, etc., should be combined into one single document for easy reference. List the type of insurance, who the policy is for, contact information and policy numbers. You may also want to list login information.
  6. Important Documents – Any legal or other important documents you have should be noted in the file. This includes deeds, birth certificates, Social Security cards and titles.
  7. Legacy Letters – Since the intention behind the Legacy Capsule is to keep your legacy going after you’ve passed away, it’s a great idea to include letters to your loved ones. You can also access my free Legacy Planner here!
  8. Monthly Budget – Add a copy of your monthly budget, so your loved ones know how to operate your household once you’re gone. This will help your family keep track of bills and focus on more important things.
  9. Tax Returns – Keeping tax returns in your Legacy Capsule is like an insurance policy for yourself in case you get audited by the IRS. Hopefully that won’t be the case, but if you do, at least you’re prepared.
  10. Safe Deposit Box – Keep copies of all your Legacy Capsule papers in a safe deposit box—you can never be too careful. Keep information on where your safe deposit box is and who has access to in in your Legacy Capsule just in case someone needs to access it.
  11. Passwords – Write down all passwords, combinations, usernames and PIN numbers. This information allows your loved ones access to any documents, money or information that is left when you are gone, especially in this digital age!

If you get focused, you can get all of this done before the end of the year. It will also help gather information to create your estate plan, if you haven’t done one already!

Have questions or want to book a free discovery call with me? You can do so here!