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By: FEDweek StaffThe turn of the year is a natural, and good, time to get your financial records in order. Properly organizing—and storing—them records can pay off for both yourself and for your survivors, on your death. You will save yourself or them time, money, and aggravation.
Key records should be in a safe, fireproof box or a location such as a bank safe deposit box. Which records? One way to look at it is to ask yourself what you would have a difficult time replacing in case their loss due to flood, fire, theft or any another way.
These most commonly might include: birth, death, and marriage certificates; passports; real estate deeds; your will and, if you’re married, your spouse’s will; life insurance policies; stock and bond certificates, if you do not keep them with a broker; and, if relevant, divorce decrees, adoption papers, military records and citizenship papers.
Copies of these documents and other records should be kept in a clearly marked filing system in your home. Be sure that your spouse, immediate family members, and estate executor know where the originals and copies are stored.
In your safe deposit box, you also should keep photos or videos of everything you own. In case of a fire or theft, you’ll have a record to document your loss, which may make it easier to collect on your homeowner’s insurance.
Don’t keep advance directives such as a living will or a health care power of attorney in the safe deposit box, though. The person empowered to act should have them so he or she can act immediately, if you have a medical emergency.
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