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If you don’t know answers to these questions, now is a good time for you to start thinking about them. What are some things you can do to be better prepared for these situations?
1. Talk to your spouse (and don’t forget your parents) and explain importance of working together to put this information together now. Accidents aren’t something we schedule!
2. Gather important papers. Include birth certificates, pre-paid funeral arrangements, military records, current bank and credit card statements, wills, safe deposit information (bank, box number, authorized signers, contents), employment information - insurance, savings plans, retirement accounts, etc., savings account statements, stock certificates, loan agreements, automobile titles, health and life insurance.
3. Discuss disposition of personal items. This will help avoid family feuds when it comes time to decide who should get grandfather's watch or mother's pearls.
4. Make copies of these documents and file originals in a safe place. A fireproof safe at home is recommended so you'll have access to them on weekend. You might even consider scanning them and saving them to a CD.
5. Keep information up to date. Decide to go through these records at least annually to make sure information hasn't changed. Take this opportunity to discard outdated information.
6. Make sure someone in your family, and a trusted family friend, knows where this information is stored so it can be retrieved at a moment's notice. The fireproof box is a good place to keep it along with your original documents, but be sure to put it back each time you update information.
You are doing your family a disservice if you don't prepare this information for them while you're able. It doesn’t make sense to provide for them throughout your life, only to leave them struggling when they need your guidance more than ever.
Joyce is a freelance writer and owner of Emerson Publications.She is the creator of "All They'll Need to Know," a workbook to help families record personal and financial information. She is also the editor of The Family First Newsletter, an ezine for families with young children. http://www.emersonpublications.com