The Essential Role of a “Death Note” in Estate Planning

In estate planning, a “death note” may not carry the solemnity of a will. Still, according to Doug Boneparth, a certified financial planner and president of Bone Fide Wealth in New York, it is equally significant. Beginning with the stark admission, “Sorry I am dead,” Boneparth underscores the importance of such a document in providing crucial, practical information to loved ones in the wake of one’s passing. While a will dictates the distribution of assets, a death note delves into the minutiae of daily life and financial matters, offering guidance and easing the administrative burden on the bereaved.

Boneparth, who also contributes to CNBC’s Advisor Council, emphasizes the utility of a death note in bridging the gaps left by formal estate documents. “This letter is more to help you take control at a time when everything feels out of control,” he explains, suggesting that it includes everything from financial account details and contacts for essential personal and professional associates to digital login information and even the whereabouts of spare keys and critical physical documents.

Winnie Sun, the co-founder of Sun Group Wealth Partners and another member of the Advisor Council echoes Boneparth’s sentiments, likening the death note to a “financial first aid kit.” She highlights its role in alleviating the chaos that can ensue after death, allowing loved ones to focus on grieving rather than grappling with logistical nightmares.

Both advisors stress the importance of including digital assets in the death note, such as social media accounts and professional websites, reflecting on personal experiences that showcase the emotional value of preserving digital legacies alongside financial assets.

The concept of a death note might seem morbid at first glance, but as Doug Boneparth and Winnie Sun articulate, its creation is an act of love and consideration. By meticulously outlining the practical aspects of one’s life and finances, it provides clear guidance during a tumultuous time, allowing those left behind to mourn without the added stress of untangling the administrative aftermath of a loved one’s passing. As Boneparth poignantly notes, preparing a death note “is an act of love — not fear,” a sentiment that underscores the compassionate foresight behind this crucial aspect of estate planning.