Life is busy! As the days speed by we are often preoccupied with everyday responsibilities. It usually comes when we least expect it – a medical illness, an auto accident, a death of a loved one, a family emergency requiring travel, etc. Regardless of the unexpected situation, it can cause chaos because we’re usually not prepared for it. Whatever may draw your energy or even your presence from your home, you need to be prepared to handle financial matters while you are dealing with the situation. Each family handles their budget and bill paying differently. Perhaps one spouse is responsible for this task and the other handles other duties. Whatever the case may be, knowing the financial information and having the details readily available lends a level of peace and assurance in an otherwise stressful time.
A few years ago when a good friend passed away from a sudden illness, I suddenly realized how it could have easily been my husband or me. I was reminded of the importance of having important financial and legal documents available for either of us to access in case of such an emergency. I created what I like to call my “Peace of Mind File.” While it doesn’t have all of our financial papers and statements included, it does have pertinent legal documents, financial information and account numbers that would be necessary in times of crisis.
Let me share with you what I’ve included in my Peace of Mind File so you can make one of your own.
Creating a Peace of Mind File
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Choose Your File
Whether you choose a file box, 3-ring binder, expanding file or a simple pocket folder will depend on how many items you would like to include. I’ve put this as the first step, but you many want to gather the items and then choose the container you will put them in.
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Copies of Your Will & Completed Power of Attorney Forms
These are the items you pray you’ll never need to access, but you should be prepared. Simple forms can be found on the internet for these documents, but if you do them yourselves be sure to follow legal guidelines required by your state.
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List of All Insurance Policies & Account Numbers
List all health, auto, life and umbrella policy information. I also included the contact information for each company. Be sure your policy copies are easily accessible as well.
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List of Bank & Financial Institutions Used & Account Numbers
It is very important to list all of your accounts, both checking and savings, and include those you may not routinely access.
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List of Financial Websites & Login Information
Include usernames, passwords and answers to security questions.
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Account Numbers & Payment Information for All Loans
This would include automobile loans, mortgage payments, credit cards, etc.
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Investment & Retirement Account Information
This would include pensions, mutual funds, 401K accounts, individual retirement accounts, etc.
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Personal Wishes & Correspondence
Perhaps you might like to include your living will, if it is not a part of your regular will, and letters to your family members in case of emergency.
Once you have completed your Peace of Mind File, store it in a safe location in your home. Let your mate know where it is and what is included. You may want to let a trusted friend or family member also know where it has been placed in case of an emergency.
No one likes to plan for a crisis or life tragedy, but if you will take the time to prepare this file you will give both yourself and your spouse a little piece of mind!
This is great. Something we have to do as military spouses. Sometimes these things are hard to talk about. Like who will take the kids if God calls us home now. It is so worth doing though. I know God is always in control but having these things taken care of, can make all of the difference in a bad situation.
God bless you, Melissa, and thank you for the sacrifice of your husband and your family. Said a little prayer for you as I read your post. Blessing to you!
This is very important and useful information, thanks for sharing.