Disasters, be it hurricanes,
earthquakes, terrorist attacks, or wildfires, are sadly an
inevitable fact of life. And just as you might protect in develop
your house and personal belongings from disasters, so too you must
prepare your personal and financial information.
But what does that entail?
Cell Phone Backup
What is the near equivalent of boarding up your windows for your
personal and financial information? In short, it simply means that
you need to backup, document and description all of your personal and
financial facts to go along with those records (photos,
videos, or otherwise) you keep for assurance claims substantiation
purposes. These records could be photocopies, electronic images,
computer files burned onto a Cd-Rom or an online backup service.
Though not fully
exhaustive, a person will need to make copies of their personal
and financial documents, together with their birth, death and marriage
certificates; public security cards; passports; prestige card
numbers; curative records; identification, together with your driver's
license; recent bank and brokerage accounts, house deeds, mortgage
and home equity notes; car title; assurance policies and agent
contact numbers; prestige and debit cards; tax returns for the past
three years; the location of wills, trusts and powers of attorney;
names and palpate numbers for executors, trustees and guardians; a
list of financial advisers and their palpate information; and a
list of user Ids and passwords for online accounts.
Individuals also need to
complete and create a copy of their household inventory. An
individual could, for instance, take and store photographs or a
video of personal belongings, jewelry and furniture and the like.
Regardless of the recipe used to document personal belongings,
individuals need to write a brief description of each item,
including the cost, age, manufacturer, and model and serial whole
for each item. Copies of receipts or appraisals are valuable for
any costly items, together with jewelry, art work and collectibles.
Why does person need to
copy all this information? In essence, heirs, expert
advisers and individuals doing the disaster making ready need this
information to rebuild a financial life in the wake of a disaster.
In some cases, individuals
might think storing originals of such facts in one place,
such as a safe deposit box or a fireproof safe in your home. In
many cases, however, experts recommend that habitancy planning for
disaster mail a copy of their records to a relative, friend, or
professional adviser in an additional one part of the country.
The reason? Disasters,
such as hurricanes or tornadoes, often sway whole regions or
parts of the country, crippling transportation systems and the
like. If copies of your prominent documents are in an additional one part of
the country, you'll be able to rebuild your financial life much
more swiftly than if you had to wait for cell phone towers to be
repaired or electricity to be restored, or the safe in your home
to be found. It is also prominent to tell the person to whom such
information is being sent what to do if disaster strikes and
original documents are destroyed. And it is equally prominent that
he copies be stored in a safe place.
Still others recommend using a
belt-and-suspender coming to backing up personal and financial
data. For instance, some say it is a good idea not only to make
photocopies of prominent financial and personal information, but
also to use what the digital world has to offer these days. For
instance, individuals should think e-mailing attachments that
contain personal or financial facts to themselves or trusted
advisers, family or friends. In addition, some even recommend using
secure online backup services that store personal facts for
a fee. Two firms that offer such services contain iBackup (costs
0 to 0 per year to store 4Gb) or Xdrive. Some financial
planners and law firms now offer similar services for prominent
documents, together with family photos.
Why use an online backup
service? Easy access is the big reason. Individuals can access
their files from anywhere in the world. Documents can also be
shared (on a password protected basis) with advisers in separate
parts of the country.,In addition, it is easy to modernize such
information so individuals do not have to worry about which
version is the most recent or most up-to-date.
Individuals need to back up
other aspects of their financial life. For instance, many
individuals adopt an executor, trustee and guardian who live in
the same state or in close proximity. However, a disaster could
affect executors, trustees and guardians as well. That's why experts all the time recommend that individuals have contingency plans
(individuals from other states or parts of the country) for those
responsibilities should the primary named individual be incapable
or unwilling to serve in that capacity, if asked.
Likewise, option of health
care and financial decision designee's might require the same
considerations. As with executors and the like, experts often
recommend naming friends or family members who live in other parts
of the country as successors if the primary habitancy chosen are
affected by a disaster.
August
2005 This column is produced by the Financial Planning
Association, the membership organization for the financial
planning community, and is provided by
Bold Financial
Planning [http://www.boldfinancialplanning.com], Llc, a Loudoun County Virginia member of the Fpa.
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