Do you have valuable papers?

While there is much talk of a paperless society, the reality is that you do have important papers -- especially if they can't be found. So before the moment of need arises, now is the time to review what you've got and create a checklist of important papers for you and for family, friends, and business associates.

Why should you gather such paperwork together? It will help you when it comes time to buy or sell property, figure taxes, or create wills and estates. It will also allow others to follow your wishes and directives, make their lives far easier, solidify insurance claims, reduce estate taxes, help children better understand your health history -- and theirs, and prevent the needless dissipation of assets that took decades to acquire.

Some 2.5 million people will die in the U.S. during the coming year, according to figures from the National Center for Health Statistics. This is not the world's most-comforting thought, but it's a reality and as a matter of prudence it makes sense to prepare now for what must ultimately occur.

As a wedding gift our attorney and his wife gave us some wonderful pottery -- and also a will and living will separately for both my wife and myself. It's a clever idea and one that could potentially resolve major problems before they arise. After all, few people want the work of a lifetime divided according to state laws and bureaucratic whims, but that's exactly what will happen if you die without a will. If you want your preferences known and your directives followed, if you want to protect your estate, speak with an attorney to establish a will.

Medical technology has become adept at keeping people "alive" under conditions that many regard as intolerable and wasteful. It's important to review what steps you want taken in the event of illness or injury -- and also what steps you want stopped at a given point. A living will can explain your wishes in the event you're incapacitated and unable to express your choices.

You might also want to review newly-emerging opportunities to donate organs for the betterment of others. Again, a discomforting subject, but a matter to consider as people die daily from a shortage of donor organs.

Once these three basic matters are reviewed and resolved, the next step is to assemble paperwork in a way that will help others. A basic checklist looks like this:

People. Who are your executors, trustees, and guardians? Does anyone have a durable power of attorney? A medical power of attorney? Etc.

Professionals. Who are your attorneys, tax professionals, real estate brokers, insurance brokers, and stock brokers? List names, addresses, phone numbers, e-mail addresses, and account numbers.

Real Estate. What do you own? What do you owe? Make a list of properties with a corresponding list of lenders and their account numbers and contact information. Also, for tax and estate purposes, gather closing papers from all property you have owned as well as bills and receipts for major repairs and improvements. Do you have deeds and notes? If yes, where are they kept? Such paperwork can greatly reduce estate taxes or at least simplify such filing requirements.

Finances. Where is your money? List banks, S&Ls, credit unions, stock accounts, mutual funds, and other assets. Include contact information and account numbers.

Business Assets. Show company information, stock certificates, partnership agreements, options, trademarks, copyrights, and patents.

Insurance. What policies do you have? List policies by company, account number, amounts, etc.

Computers. We live in the computer era and there is little to suggest things might change. So, how about a list of passwords, program titles and ownership records, e-mail addresses, online accounts, etc.

Liabilities. To whom do owe money? Think of auto loans, credit card debt, business loans, etc. Include contact information and account numbers.

Personal Papers. Where do you keep birth certifications, Social Security information, marriage certificate(s), divorce decrees, adoption information, citizenship papers, religious records, retirement information, health records, drivers licenses, military service information, safety deposit box inventories, educational records, passports, and family photos.

Personal Property. What do you want done with furniture, art, antiques, family items, and the like?

Safety Deposit Box. If you have one, where is it and what is the number? Where is the key? Does anyone else have the key? Does anyone besides you have access?

Burial Information. Do you own a cemetery plot? Have a burial policy? Gather paperwork in one place. What are your preferences in terms of services and ceremonies?

Paperwork For Others. Do you have paperwork which is important to others -- wills, passports, birth certificates, etc? Make a list and show who gets what.

Copies. Given that you have assembled all the paperwork above, where is it kept? Who has copies of your checklist? What is the date when your checklist was created?

Is building a survivor's checklist fun? Not hardly. But it's a responsible thing to do and one of life's necessities.