The Boy Scout motto is very applicable to our personal/financial lives. Many of us will spend more time planning our next vacation, and actually have checklists to make sure we don’t forget anything, than making the same effort in preparing for unexpected events in our lives.
A Disaster Recovery File may be the answer. Such a file includes detailed information that your spouse, children or other family members will find extremely helpful and necessary if something were to happen to you. Such a file or plan is a much better proactive response than rifling through drawers, file cabinets and frantically searching for information after an event has occurred such as a fire, tornado or accident, etc.
A paper file can be very compact such as a small ring binder, or you can have an electronic version on a CD-rom, or a USB / jump drive. In any instance, the files can be stored in a fireproof and waterproof safe, safety deposit box or someplace that offers you security.
The following is the type of information you may want available to you or others in a time of crisis:
Personal contacts
Next of kin, your children or family members, close friends and more specifically who is
the executor, trustee or representative for you. Be sure to consider geographic location so
you have a local contact.
Professional contacts
Your doctors, dentist, other health specialist, tax professional, accountant,
business partners, attorney, financial advisor, priest or pastor, and other
professionals who you rely on.
Documents
- Estate
A copy of your will or trust and all other applicable legal documents (i.e. durable
power of attorney, health care power of attorney, living will, etc.).
A summary letter of what your wishes or intents are for the beneficiaries of your
estate. This may not be a legally binding document, but it will give your
executor, trustee and heirs an idea of why you implemented such plans and
what you want for them in your absence.
A copy of any prepaid funeral arrangements and your desires for your funeral or
final services.
- Insurance
A list of your life insurance policies and beneficiary designations.
A copy of your long-term care insurance policy, disability, health and any other
insurance coverage.
- Financial
A list of the financial institutions with respective account numbers and contact
phone numbers where you have accounts: banks, credit unions, brokerage
firms, mutual fund and insurance companies.
A copy of all your credit and bank debit, social security, health and other
insurance cards. This will be extremely helpful especially if your wallet or purse
is stolen.
A copy of your most recent social security statement.
The above may seem like a daunting task at first, but when approached systematically over a short period of time, a couple of weeks, it can be completed.
The next steps are probably the most crucial. Contact whatever family member or individual you’ve chosen to be your representative so they are aware such a file exists and how they can access it. Also, periodically review the file and make sure it is current or if any changes need to be made.
We have talked to other professionals regarding this “Disaster Recovery” file and strongly believe this is one of the best things you can do to give you and your loved ones peace of mind if something adverse were to occur. Currently, we are working on creating such a file/document that you will be able to complete and keep for your records. Once we have a final product, we will let you know and begin sharing it with you.
If you have any additional suggestions of how this can be helpful to you, what can be added, or a personal experience (positive or negative) about a time of crisis, please share it. Deb, Sally, Toan and I are very open to any suggestions so we can provide you with a very useful resource.
Upcoming Events
Our Strategic Life Planning Director, Debra Kunz, MBA, CSLP, continues to speak and teach in the community.
October 14th – “7 Do’s & Don’ts to Cope with a Layoff”
Free education program.
Your next career move, money, retirement and family depend upon how you manage this life transition. Debra Kunz is facilitating this program at the request of the Village Presbyterian Church Career Transition Center. Contact Debra for information about presenting this program, and others, for your organization, 913-897-2074 or dkunz@iia-kc.com.
For a list of all upcoming events visit www.iia-kc.com/events.
Quotes
“Life is tons of discipline.”
Robert Frost, poet
“If you wait to get everything right, it will be very late when you get there.”
Paul Lemberg, business coach
“It is impossible to be creative in the midst of fire.”
Reg Pincombe, entrepreneur
Tony Moeller, President
Integrity Investment Advisors, LLC
12721 Metcalf Ave., #202
Overland Park, KS 66213
tmoeller@iia-kc.com
913-897-2074
The information listed in this commentary is a compilation of various publicly available sources and is for informational purposes only. It is not a recommendation or solicitation of any particular investment or strategy. A risk of loss is involved with investments in the stock and bond markets.
If you enjoy the commentary and believe others may benefit or find it of interest, please feel free to forward it on. Also, interested individuals can contact us, and we will be happy to add them to our mailing list.
