Happy 2026,
As you begin receiving your year-end statements, this is an excellent time to create or update a complete list of all your assets and accounts. Doing so is a great organizational tool for tax preparation and can also be extremely helpful for estate planning purposes in the unlikely event it is ever needed.
Below is a list of items I recommend including:
- All bank accounts – checking, savings, money market, and CDs. You will likely receive tax forms from each institution.
- Non-qualified (taxable) investment accounts – brokerage accounts or accounts held directly with mutual fund companies. In most cases, you will receive tax forms for these accounts, though they may arrive after January 31st.
- Retirement accounts – including 401(k)s, SIMPLE IRAs, SEP IRAs, Traditional IRAs, and Roth IRAs. You will only receive tax forms if you took money out of these accounts. Additionally, if you made IRA contributions, be sure to notify your tax advisor, as you will not receive documentation from the custodian confirming those contributions.
- Passwords and access information – create a secure list of passwords for financial accounts and social media accounts and store it in a safe location. This can be extremely helpful for loved ones if access is ever needed.
- Estate documents – note where your will, trust, powers of attorney, and other important documents are located and updated.
- Beneficiary designations – review all beneficiaries and confirm every account has one listed. This is especially important if you experienced a major life change in the past year, as proper beneficiaries help avoid probate.
- Questions for your tax preparer – writing these down in advance can make tax season much smoother.
- Life insurance policies – list all policies and where they are held.
If you own a business or rental properties, be sure to include those as well. It is also helpful to list the professionals you work with, such as personal bankers, insurance agents, attorneys, and accountants.
Why is this important? I once worked with a client who suffered a stroke and had handled all of the household finances. It was very difficult for the family to reconstruct all of his accounts. Having a list like this would have made an already challenging situation much easier to manage.
If you would like help organizing this information or reviewing it together, please let me know. I am happy to assist.
Wishing you and your family a wonderful 2026.
Mike