This type of document serves as a repository for crucial information intended for loved ones in the event of an unforeseen circumstance, such as incapacitation or death. It often includes details regarding financial accounts, insurance policies, digital access credentials, final wishes, and important contacts. An example would be a compilation of banking details, online passwords, funeral preferences, and the contact information for legal counsel.
Maintaining such a compilation offers significant advantages. It provides peace of mind, ensures loved ones have access to essential information during a difficult time, simplifies estate settlement, and can prevent potential conflicts or misunderstandings. While the specific term may be relatively recent, the practice of organizing vital information for posterity has existed for centuries, evolving from sealed letters and lockboxes to modern digital formats.
