You have a will but do you have an LOI?
Everyone has heard how important a will is to your survivors, especially if you have children and/or significant assets, but have you heard of a Letter of Instruction (LOI)?
An LOI basically is just a written document which lays out your finances to your survivors. My wife is involved in our finances on a high level, but she leaves all the nitty-gritty stuff to me. I can only imagine her (in a bereaved state no less) trying to figure out how to transfer money out of our emergency fund and what was the name of the Life Insurance company again? On this board especially, I know I am not alone in being the "money person" in the household, and I do not want to leave my SO in the lurch.
Vanguard suggests your LOI contain a list of all your assets, debts, monthly bills, and contact info for various accounts. I know it can seem premature (and a little morbid) but you never know when the proverbial bus is going to come around the corner.
It can be as simple as typing or writing out a couple of pages of info that could save your loved ones a lot of time (and keep your legacy from being "why did he have to be such a PITA?"). Do it today!
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