Guest Post: Organizing Your Financial Records

Many of us feel for those in Southern California, fleeing their homes and a merciless wildfire. This should serve as a reminder that disaster can strike at any time. I have a guest post from about organizing your financial records now, so that if/when disaster does strike, you have what you need:

Organizing Financial Records before Disaster Strikes:
Five Steps to Take Now

Protecting financial records by creating a fire safe and easily transportable document box will make a traumatic evacuation or disaster recovery process easier for you and your loved ones.

Step One – Create a Document Box

Within your evacuation or disaster relief box you should also include a financial box that includes important documents, photos and a few days of cash or travelers checks. It is best to find a lockable fire safe box for these documents that will protect the contents in case of fire or flooding. Make sure to keep the combination to the box, or the key, on you at all times and place a duplicate in a safe place, or with a trusted person.

Step Two – Gather Important Items

Your document box should include copies of all your financial documentation. Make sure the following items are included:

• Checking and savings account numbers
• Copies of documents for you and your family members:
• Driver’s license
• Social Security card
• Marriage license
• Birth certificate
• Will
• Power of attorney
• Property deeds
• All investment and retirement account numbers
• Home, life and medical insurance policies
• A list of crucial contact information
• Insurance agent(s)
• Attorney
• Bank
• Financial advisor
• Family, friends or other key people you may need to reach in an emergency
• Trusted home repair contractors

Step Three – Review Your Coverage

Do you have the proper insurance coverage if disaster strikes your family? Review your current home, life and medical insurance policies to ensure that you and your family will be comfortable and cared for in the event of an emergency.

Step Four – Ensure Access to Emergency Funds

Natural disasters can interrupt access to local banking and financial institutions. Make sure that you have an emergency account that can provide access to emergency funds within 24 hours or less.

Step Five – Share the Information
Review your document box information with your spouse or partner and determine together where your box will be stored. Also contact a trusted family member or friend outside of your household and share the document box location in case something should happen to you.

Scott White specializes in meeting the comprehensive financial and estate needs of high net worth families, and he has been recognized as one of the top financial planners in the U.S. by the Consumers’ Research Council of America for the past two years.  He is a Certified Financial Planner™, a Chartered Financial Consultant, a Chartered Life Underwriter, and holds a master’s degree in business administration. For more information, visit http://www.scottwhiteadvisors.com/.