When it comes to planning for the future, many of us focus on savings, investments, and retirement plans. But there’s another layer of preparedness that’s just as important and often overlooked. At Snyder Wealth Group, we call it your “Second Drawer.”
The “Second Drawer” isn’t a literal drawer (though it could be); it’s a concept: a dedicated space, physical or digital, where your loved ones can easily find the essential documents, instructions, and information they would need in the event of an emergency, incapacity, or death.
Whether you’re just starting your estate planning journey or updating it for the modern world, here’s a checklist to help you build a comprehensive, accessible Second Drawer.
1. Estate Planning Documents
These are the core legal tools that communicate your wishes:
- Will – Specifies how your assets should be distributed and who will manage your estate.
- Trust documents (if applicable) – Especially important if you’ve created a revocable living trust, special needs trust, or other estate vehicles.
- Power of Attorney – Assigns someone to make financial decisions if you’re unable.
- Health Care Proxy / Medical Power of Attorney – Names the person who can make medical decisions on your behalf.
- Living Will – Outlines your end-of-life medical care preferences (e.g., life support, resuscitation).
- HIPAA Authorization – Allows your trusted contacts to access your medical information.
2. Key Financial Accounts and Policies
Your Second Drawer should include a clear record of:
- Bank account details (name of institution, account types)
- Investment and retirement accounts (IRAs, 401(k)s, brokerage accounts)
- Life insurance policies
- Pension or annuity information
- Long-term care insurance or disability insurance
- Any business interests or ownership agreements
Include contact information for each institution and advisor.
3. A Beneficiary Review and Guide
We help clients regularly review their beneficiary designations, because outdated or missing beneficiaries can derail even the best plans. Your Second Drawer should include:
- A list of current primary and contingent beneficiaries across all policies and accounts
- Notes about how you want assets handled, for example, if you’d like your inheritance to pass “per stirpes” (to your grandchildren if your children predecease you)
We’ll help you understand how beneficiary designations work in the real world, and how to make sure they match your legacy intentions.
4. Digital Access and Instructions
In the modern world, digital assets and access are crucial. Include:
- A list of key online accounts: banking, investments, email, social media, etc.
- Passwords (or access to a password manager)
- Instructions for how you want digital accounts handled (e.g., memorializing social media profiles)
5. Personal Legacy & Practical Guidance
Sometimes, the most meaningful things aren’t legal or financial. Consider including:
- A personal letter to your family or executor
- Instructions for pets or property care
- Your thoughts on funeral or memorial preferences
- Contact list for key professionals: financial advisor, attorney, accountant
6. Emergency Contacts and Health Info
If something happens suddenly, your family may need immediate access to:
- Your health insurance information
- Allergies, medications, or medical history
- Emergency contact list
- Copy of ID, Medicare/Medicaid card, etc.
Keeping It Current
Your Second Drawer isn’t a one-and-done task. We recommend reviewing it annually or anytime there’s a major life event, such as a marriage, divorce, birth of a grandchild, or significant financial change.
And remember: It’s not just about collecting these documents, it’s about making sure your loved ones know where to find them and understand your intentions.
We’re Here to Help
At Snyder Wealth Group, we help clients build and maintain their Second Drawer as part of a broader holistic financial strategy. Whether it’s coordinating with your estate attorney or reviewing your beneficiary designations, we make sure your plan isn’t just built, it’s understood and accessible.If you’re ready to put your Second Drawer together, or need help organizing what you already have, reach out to schedule a conversation. We’re here to guide you every step of the way.
