He says:
…Die.
I created for my wife a “What to do if I die” page. This is not a will. We have a will and everyone needs one. This is not a, “if you are reading this, I must have died letter”, which is good to write. The purpose of this letter is to make the financial part of your death easier for your spouse to deal with. This is a one to two page document that tells your spouse four main points:
1. What financial resources we have.
2. Where they are.
3. How to access them.
4. What to do with the money.
For example, tell your spouse what life insurance with the value you have (term policy with a 500,000 value), where is located (what company – XYZ Insurance, what phone number to call to receive it) and then tell what & where to put the money (set all insurance policy money in a money market account or money market mutual fund for 6 months to 1 year).
Note: It is not a good idea for spouses to make major financial decisions right after their spouse has died. My wife and I would set any money aside for 6 months to a year before making financial decisions. One needs grieving time and the death of a spouse would be overwhelmingly difficult.
You could tell your spouse in the document where all your assests are. Where all your liabilities are. You could give financial advise for the future. You could give the name of a trusted friend or financial advisor to help with development of a plan for your wife and your children. These are suggestions that could be in your document.
Then when you have completed the document, go to your spouse and ask for his or her input on how to make the document better. Remember, you are doing this for them. So it is good idea to get their input to make the document easier for them to understand and use.
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