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Retirement Planning 2.0: Organize Your Docs for Next of Kin

If planning for your future is something you have always done, there is no reason to stop now. Creating a Next of Kin (NOK) box is a great way to get organized as part of your retirement planning process. Having all your information in one place, like a binder or box, can help to organize your life today. It will also give you peace of mind, knowing you are easing the burden on your loved ones tomorrow.

Think of a NOK box as an essential part of estate planning. All your vital information, like financial documents, account information, and passwords will be organized in one place. As will key estate planning documents such as your will, power of attorney, health care proxy, and any life insurance policies. You can also include information on possessions, social media presence, communities, kids, pets, and personal history. It can be as comprehensive as you want it to be. Here’s how to get started:

Create a Next of Kin (NOK) Box as Part of Your Estate Planning

Like retirement planning, creating a NOK box or binder is an important task. You want to give it the time and attention it deserves to ensure everything is in order for your next of kin. It is best to have a plan before you start and to be as organized as possible. Just follow these easy steps. Soon you will have created an invaluable depository that adds another layer of protection for you and your loved ones.

Box or Binder?

First, decide how you want to organize your information. Will a box or binder work best for you? Many choose a box because there are lots of options out there for waterproof and fireproof models. Others prefer a binder because it tends to be smaller and can be looked through as you would read a book. Neither one is better; it is a personal preference.

 Create and Follow Your Checklist

Before you start pulling things together, you should create a checklist of documents to include. As mentioned, some individuals begin with an estate-planning checklist. That list will include vital information like financial documents, your will, power of attorney, and account information. Others cast a wider net to include possessions you want to pass along and personal history. With that in mind, here are some examples of things you might want to include:

  • Will
  • Living trust
  • Power of attorney
  • Life insurance policy
  • Birth certificate
  • Marriage license
  • Bank and credit card accounts
  • Loan documents
  • Automobile titles
  • Property deeds
  • Account and device passwords
  • Copies of keys to your home, post office boxes, safe deposit boxes, etc.

Decide on Just the Right Location  

Since your box or binder will contain personal and sensitive information, you will want to find a discreet and secure place for it. However, do not put it in a location so remote that you cannot grab it quickly in an emergency.  Be sure to share the location with only those who will need to know. An additional step many individuals take is to make a copy and give it to their financial planner or attorney for safekeeping.

Keep it Current 

Once you have completed your NOK box or binder, the real work is done. However, much can change in our lives from year to year. That is why keeping it updated and relevant is just as important. You will want to update it when any major life event occurs, like a move or a divorce. Make a note in your calendar to review and update it each year, making sure even small changes are recorded.

Share With Those Who Need to Know 

Now that your NOK box or binder is complete let your loved ones know that it exists. This does not have to be an uncomfortable conversation. Tell them that as part of your estate planning process, you have taken practical steps to ensure everything is ready for them when the time comes.

Doing all you can to make certain your estate is in order is an important part of the retirement planning process. This is not only true for yourself but also for your loved ones. Organizational items like a NOK box help make a potentially stressful time a little easier.

As you move forward and create your ideal retirement future, consider choosing one that is maintenance-free with generous services and amenities. Convivial St. Pete’s independent living community, coming soon to St. Petersburg, Florida, can give you all of that and more. To schedule a private tour, give us a call at (717) 291-7600 or schedule a personal appointment.