|
Useful resources
Documents to collect |
The events of Sept. 11 made many of us stop to think about a lot of things, like spending more time with loved ones and being a better person. But the tragedies also made us ask ourselves if we're prepared should something like that happen close to home.
If you were to die unexpectedly, have an accident, or become a stroke victim—and you couldn't communicate—would your family know how to take care of your finances, or even know where your financial records are? Paperwork management can become a survivor's survival kit.
According to Karen Goebel, a professor and extension specialist at the University of Wisconsin-Madison, a well-organized family record system can:
Recording your info
"Keep a record book listing all of your financial accounts and account numbers, including the contact person and
a telephone number," says Connie Kilmark, a financial counselor and owner of Kilmark & Associates, LLC, in Madison,
Wis.
| Update your floppy or compact disk about every 90 days. |
"While your records should be well organized, they don't need to be fancy," says Goebel. "Some clearly labeled manila folders in a file cabinet will get you started. If you don't have the money or space for a cabinet, you might try a file on wheels, plastic crates, or portable file boxes. Sturdy cardboard boxes are inexpensive and handy for long-term storage," she adds.
Publications such as "Our Family Records," written by Goebel and colleague Mary Therese Crave, also are available to help you keep tabs on your personal and financial records—not only for yourself, but also for others who may have to handle your affairs if you are unable to.
Record the location of the originals of all important financial and family documents, such as birth and marriage certificates, wills, deeds, tax returns, insurance policies, and stock and bond certificates. Keep the originals in a safe place and store copies elsewhere.
You also should keep a list of emergency contacts that includes doctors, financial advisers, clergy, and family members who live outside your area.
Some records change, so schedule a time to review them. As you revise documents, note the date at the bottom of the page or in the margin.
Safe deposit boxes
You also can store originals of important papers such as marriage records, divorce decrees, and birth
certificates in a safe deposit box. However, don't keep your will in one—the box may be sealed temporarily
after death. Keep the original where you store your other originals. Give a copy of your will to your personal
representative.
Use a safe deposit box to store records and valuables that would cause significant financial loss or great emotional distress if lost or stolen. And, don't carry the key with you. Keep one key in the house and one with another person such as a relative or an attorney.
| Record the location of the originals of all important financial and family documents. |
If you decide to keep important documents at home, consider buying a fireproof safe.
Another option identified in "Before disaster strikes," a booklet published by the American Red Cross, the Federal Emergency Management Agency, and the National Endowment for Financial Education, is to have an evacuation box—a lockable, durable "evacuation box" to grab in an emergency. Even a cardboard box will do. Put important papers into the box in sealed, waterproof plastic bags. Store the box in your home where you or family members can get to it easily.
Using a PC
Computer software programs can help keep your financial information organized and are relatively inexpensive.
There are programs available such as Kiplinger's Taming the Paper Tiger, as well as big-name financial software,
including Intuit's Quicken and Microsoft Money.
| Paperwork management can become a survivor's survival kit. |
If you participate in
No matter how you decide to organize your financial documents or where you end up storing them, the key is to do it today. Involve your family, friends, and financial professionals when possible in decision making and planning. If you do it now, you and your loved ones will be able to get through a traumatic time without the added stress of financial chaos.
|
|
|
|
|
Both "Disaster strikes" booklets published by:
Home &Family Finance Resource Center articles |
Home & Family FinanceŽ Resource Center
Copyright © 2009 - Credit Union National Association, Inc.