Do You Have an Emergency Instructions Document?
If not, you should! Most of us have someone we care about that will have to step in if we suddenly leave this world or become incapacitated. Put yourself in that person’s place. You want to make everything as easy as possible at that stressful time.
In many households one person handles the bills and financial affairs. If that is the case this document is doubly important. The other person may not be familiar with what accounts even exist or what steps to take, both in the short and long term.
What Information Should Be in the Document?
Bank Accounts
List each account with the name of the institution, the account number, and phone number.
Brokerage Accounts
List each account with the name of the institution, the account number, and phone number.
CDs
List each certificate with the name of the institution, the account number, and phone number. You may want to add the Interest Rate and Maturity Date.
Life Insurance Policy Info
List each policy by Institution, policy number and amount. And by the way, make sure your beneficiary information is up to date.
Mortgage and Tax Info
List each mortgage with the account number and phone number. If taxes are paid separately list to who, with contact information.
Loans
List each account with the name of the institution, the account number, and phone number.
Credit Cards
List each account with the name of the institution, the account number, and phone number.
Safe Deposit Boxes
This is one I learned the hard way. You need to do some preparation ahead of time and make sure anyone who needs access to the box is an authorized signer. Otherwise, if the only signer is not around the rules can vary widely depending on the state and policy of the institution.
Collections and Anything Valuable
If you have anything special and valuable like coins or gun collections, information should be provided here.
Wills and Living Wills
It is a given that you should have a will and Living Will. Check legal advice here, especially if your situation is complicated.
People and Phone Numbers
The people left behind might not be thinking too clearly. Why not include a list of people, phone numbers and email addresses to make things just a little easier?
Passwords to Online Accounts
This one is tricky. You probably don’t want to include those in this doc in case it is stolen. But you do need to make sure someone has them safely available.
General What To Do Information
You want to put the person reading the document at ease. Put some short term and long term information here. What immediate cash do they have access to? What bills need to be paid regularly and right away. If you have investments, you might want to include some guidance. Which ones are long term and can be reviewed later and which ones need to be watched and maybe even liquidated? Do you have advisors that you trust and want to recommend?
There is probably much more that could be added depending upon your individual situation. But start with something simple rather than put it off and add to it over time. Place the document in an envelope in a safe place that people you trust know about.
Disclaimer – I’m certainly not an attorney or financial advisor and can’t give professional advice. What I suggest I have learned from research and life experience.
