Day 7 of the Legacy Notebook Series
Next up are your loans (if you have any). If you are debt free, congrats and kudos to you! You can skip this post. We are still working on paying off our mortgage and will be for a while yet. I am so looking forward being completely debt free. Sigh.
Similarly to when you gathered the information on your credit card accounts, today is not a day for focusing on each of your loan balances. We just want to pull together reference information for each loan. You can use this worksheet to create your loan summary (scroll through the tabs in the workbook to find the loans worksheet).
Most of you know how counterproductive I find vehicle loans to be for financial stability and building wealth, but vehicle loans are a reality for many households. If you have any vehicle loans or leased vehicles, add the details for each to your loan worksheet and print off recent account statements for reference.
Home mortgages are typically the largest debt people have and we are no exception. If you are among our ranks and have a mortgage of your own, add the details to the spreadsheet and print off a recent mortgage statement to add to your notebook.
Oh, those student loan debts that seem to live forever (or move into your spare bedroom as Dave Ramsey likes to say). Add your student loans to the worksheet as well and print off recent statements. Some of you might be saying, “Lesley, why do I need to do that? My student loan debt is forgiven upon my death.” Yes, while that’s true for many (not all) student loans, your family will still need to notify those lenders of the situation to have the debt forgiven. Debt forgiveness upon the death of the borrower is standard on federal student loans, but some private student loan lenders do not extend the same courtesy.
Any Other Loans
If you have any other loans hanging around, add them to the worksheet as well. This could be a loan extended to you by a family member or friend. Maybe you took out a 401(k) loan or financing for a utility trailer, camper, boat, or ATV. Whatever it may be, add it to your summary. Gather up supporting documentation for these loans, too.
Today’s Action Items:
- Put your completed loan summary worksheet in your notebook
- Print out recent account statements/documentation for each loan and add them to your notebook for reference
- Another round of applause for you! We are nearly done with the financial section of your legacy notebook.
thanks for reading,
P.S. Looking for the rest of the series? You can find it here.
Stronger Wallet’s Legacy Notebook series information is intentionally general in nature and covers typical scenarios. You may have special circumstances that need to be considered. Always consult a trusted advisor before making big decisions about your financial legacy. Feel free to send me questions along the way at lesley [at] strongerwallet .com.
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The guide includes everything you need to get started: a cover sheet and divider pages to set up your notebook, an overview of each topic, checklists, worksheets, and writing prompts to guide you through the process.