Safeguarding Your Documents
The basic concept of estate planning is to be prepared prepared for disability
, for retirement even for leaving your loved ones behind.
So, it only makes sense that part of creating an estate plan is gathering up your important documents and storing them in a safe place. Of course, your Will and your life insurance policy arent the only documents that need protecting, just as disability and death arent the only events you need to guard against.
The truth is disaster can strike at any time. Maybe its a full-blown catastrophe such as a fire or flood or perhaps its a more focused loss such as your computers hard drive crashing.
The point is, the more prepared you are, the less you have to worry about finding the documents that you need.
So, what should you be protecting?
Well, for starters, your birth certificate, your Social Security card, your marriage license and divorce decrees.
Any documents regarding your children, such as birth records, adoption records, custody papers, medical records, shot records and the like.
Also remember to safeguard copies of all your estate planning documents (of course) along with life insurance policies, mortgage deeds, pension and retirement plan documents, tax returns, stock certificates, bonds and bank account numbers.
But wait were not done yet!
You should also collect and protect other not-so-obvious things like your address book, your pets vaccination records, copies of any business contracts youve entered into and receipts and warranties that you need to keep.
Think about what you would miss if there were a fire and you had to act quickly. You wouldnt have time to grab much and certainly, youd miss your furniture, but couches and televisions can be replaced.
What cant you replace?
Your family photos? Your computer files? Login information, PINs and access codes for your accounts? What about the love letters that your spouse wrote to you years and years ago?
The beauty of technology is that you can preserve all these things. Scan them into your computer and then burn copies on CDs. You can send those copies to other family members for safe-keeping or store them in your safe deposit box at a bank.
Off-site storage services allow you to create a complete and on-going backup of your entire hard drive for a small monthly service fee and an external hard drive allows you to grab your drive and go when theres not much time.
Your estate planning attorney should have copies of all your pertinent documents of course, but it never hurts to keep separate copies for yourself and your loved ones. Keeping these copies safely tucked away ensures that youll always have what you need, no matter what the future might hold.
by: alpernlawoh
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