You cannot always predict tragedy.
Terrible things happen.
This has been made painfully obvious this year.
California was devastated by horrifying wildfires with hundreds of lives lost.
Florida and the Carolinas experienced hurricanes and flooding.
No one wants to believe these disasters could affect them.
What would happen if they did?
According to a recent Forbes article titled “How To Make Your Estate Plan Doomsday Ready,” you should plan for such tragedies to ensure you do not lose everything.
Where do you start?
Store your information somewhere it will be safe.
This could include in an online storage system, cloud-based technology with password vaults, or in fireproof strong boxes.
What information should you store?
Store these separately.
This ads a layer of security protection.
Copies of legal documents
These include wills, trusts, powers of attorney, HIPPA waivers, and advance health care directives.
You also need titles to assets.
Contact info for advisors
You or someone else may need to contact your CPA, financial advisor, insurance agent, or estate planning attorney.
Copies of insurance policies
After a natural disaster you will want access to your auto, house, health, and life insurance policies.
It is wise to keep copies of the last three years of your tax returns.
Keep the information for your physicians handy.
You should also keep the details regarding any of your prescriptions.
Having ready access to all of this information will enable you to rebuild your life more quickly, let alone simplify things for your family should you pass away as a result of the disaster.
Reference: Forbes (December 3, 2018) “How To Make Your Estate Plan Doomsday Ready”