This is the eighth part of a multi part series on preparing for
retirement and basic estate planning for feds. If you missed the
articles I suggest reviewing them to understand the estate planning
binder concept that these articles are based on. This section presents
information on financial reports, TSP, various other asset reports,
forms and contact lists that you need to include in your plans.
Financial Reports - Section 5
The financial reports section should include the following reports and lists:
- Net Work statement
I use Quicken 2006 Premier to track all assets including stocks, bonds, CDs,
checking and savings accounts, and brokerage accounts. It can also track
credit card and all other debts. Quicken is easy to use along with their
portfolio tracker especially if you purchase stocks through Dividend
Reinvestment Plans (DRIPs). The report generator will print out all assets
and it will calculate and print out a comprehensive "Net Worth" statement.
If your investments are limited to CDs, your THRIFT account, savings bonds,
and typical savings and checking accounts you can easily calculate your net
worth. Simply add up all of your assets and deduct all of your
liabilities/debts. There are a number of Internet sites that can help you
with this. http://Fidelity.com offers worksheets under their "Retirement/Planning"
menu selection, then select "Estate Planning." Other mutual fund families
offer similar assistance. You can also use MSNBC’s net worth calculator at
- Portfolio / Brokerage Account reports
Include brokerage account reports, and other portfolio lists from mutual
fund companies, or stock/bond tracking programs such as Quicken.
- TSP Account printout (Available online at
- Savings Bond Lists and Value
I use the free Savings Bond Wizard that is available at
. It comes with automatic updates that gives you your bond redemption
amounts for all bonds owned. You can print out the list and add it to your
binder. This free software program will tell you exactly what each bond is
worth and the total interest earned on all bonds to date.
- Collectable Lists with Estimated Value
Use any method available to list your coin, stamp, or other collectable
items. List the estimated resale value for each item on your list and the
total value of each collection. Microsoft Works has a very easy to use
Database function that is great for lists like this or you can use the
program called "MyDatabase." Their web site is
- Other Reports (Any other assets that you own that
aren’t listed elsewhere.)
Home Inventory - Section 6
I took digital camera photographs of every room in the house including the
garage, back yard, shed, storage areas, the outside of the home and anything
that I thought of value for insurances purposes. Then I placed the photos into a
word document and added headings for each picture. I also dated each sheet. If
we add a home improvement during the year or made major changes I take new
photos for the changes and update the word document. I also photographed things
that are hard to replace like my wife’s grandmother’s antique china.
You can do this with any camera and simply add comments on the backs of the
photos or use the old style photo mounts and put them on sheets for your binder.
I like the word document approach because they are easy to update and store
electronically on disk. By the way, I keep a copy of all files on CDs in our
safety deposit box as well.
Next I compiled a written home inventory of the entire home using Quicken
2006 Premier’s "Home Inventory" feature that is located under their "Property &
Debt" main menu selection. This program allows you to enter the item, it’s
location, replacement cost and resale value. I printed out the list and added it
to section 6.
Annuity & Special Forms - Section 7
I completed a SF 2800 "Application for Death Benefits" form and placed
removable green arrows at each block that my wife will have to fill out when the
time comes. You can download this form from
http://opm.gov/forms/ . I advise my wife in a cover letter in this section
to call OPM prior to completing this form to make sure it is still current and
hasn’t been updated. The phone number to call is 1-888-767-6738. I also provided
a basic instruction sheet with steps my wife must take to process this form and
included required attachments of a Marriage Certificate, a copy of my military
DD-214 form, and a note to attach a certified death certificate. You will find
Survivor information and reporting instructions online at
http://federalretirement.net/survivor.htm. I suggest printing out this page
and add it to Section 7.
Contact Info / Lists - Section 8
Make copies of your phone lists or print out your planner contact list and
place it in section 8. I use a PalmOne and the printouts are very thorough and
provide all of the contact information my spouse and executors will need to
process the estate. Also include a list of all passwords for your accounts,
online sites, security systems, and list the location of keys to storage
facilities, safety deposit boxes, etc.
Well...... that’s all folks. The binder is done and the only thing I haven’t
talked about are the wills, trusts and health directives. They are coming up
next. Before you complete your wills and trusts you pretty much have to have all
of the info in this binder to proceed. Without it, you may miss many things and
you stand to leave your family in a lurch so to speak.
Go to Part 9 - Wills and Trusts
Go back to Part 7 - Caretaker & Survivor Reports
Back to article index