Why do we refer to it as a “Road Map”?
We are interested in creating a list, with appropriate access, of all that is valuable to you. These might be physical assets (art, jewelry, baseball cards, and so much more…), investments, or they might be insurance policies with future care or beneficiary value.
First, those physical items should be simply listed with locations. In the desk drawer, the attic, or wherever becomes important for those that don’t already know.
Second, what about accounts and policies? Should we not list account numbers? Not here, and not on the web. Why?
Imagine yourself, information in hand, standing in front of a bank officer, attempting to access Mom’s bank account as she is no longer available…
“I have the account number here…”
The bank officer will either say (or think) “we’ll take a look for any accounts under her social security number; we’ll see if the account you have (the numbers in hand) is still active.” You simply must know where to look…which bank.
Imagine you have policy numbers and call the insurance company. Will the company representative assume you have a current policy and current values? No, assumptions will not be made, but a search by social security number will be made. Again, you simply must know where to look…which company.
This is not to suggest that account numbers are useless; they are not…but there might be more or less than you have in hand. We want to create a “Road Map” that will take the “Trusted Party” to look in the right place, to ask the right questions.
We also refer to it as a “Directional Hub”.
Maybe you’ll see it as a “Treasure Map”.
Regardless of title, it is extremely important and typically excluded from our financial lives.