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Why estate plans need emergency financial files

On Behalf of | Mar 30, 2023 | Estate Planning

California adults may have a hard time accepting they will need an estate plan sooner rather than later. Even if you’re not ready to create one, it’s still important to create some sort of document for your loved ones in case of an emergency.

What goes into an emergency financial file?

An emergency financial file will usually contain copies of important documents, such as your Social Security card, birth certificate, and other items. This can include a copy of your last will and testament as well as real property deeds.

You should also include any passwords, pins, or other login information. This is just so your loved ones can access these accounts in your absence.

This file will also list your checking or savings accounts, retirement accounts, and any insurance policies. A good emergency file will include a list of contacts, such as your doctor, attorney, and extended family members.

It should include a cover letter that states all of the file’s contents. You will want to keep the emergency file in a secure location (regardless of whether it’s online or in a physical space).

Why are emergency financial files needed?

Emergency financial files can be used by you or your loved ones to quickly access all of your important information in case of an emergency – just like it sounds. These emergencies can be anything from natural disasters to medical setbacks.

For example, in a natural disaster, you may lose access to your computer with saved passwords. And in a medical emergency, someone needs to be able to pay your bills for you while you’re recovering or incapacitated.

If your loved ones can’t access this information, it can make things far more difficult for them. Ultimately, you’re ensuring that your family will be able to access what they need in a time of crisis.