As I discussed in the blog post Do You Have An Emergency List For Your Family?, everyone family needs a financial emergency plan.
I know there are many, many families out there who would be very lost if something were to happen to the person who usually manages their financial situation. Accounts could get lost, bills may be forgotten about, and more.
This is something even I am guilty of, as I am in control of nearly our whole financial situation.
However, I know that this is a big problem and can lead to even bigger problems if something were to ever happen to me.
I believe that it is a good idea to keep a financial emergency plan of everything just in case something were to happen, even if it’s something no one ever wants to think about. Having one just makes life so much easier.
To create a well detailed financial emergency plan, you’ll want to collect all important documents, bills, usernames and passwords, and so on.
You might miss one or two, so it’s best to go through these accounts as you pay your bills as well so that you can make sure everything is included. Also, don’t forget to keep everything up-to-date as information can change over the years.
Your financial emergency plan
Some accounts, bills, etc. you may want to record include:
Bills directly related to your home, such as your mortgage or rent, gas, electricity, TV, internet, sewer, trash, water, and so on;
Life insurance information;
Health insurance along with any important medical information such as doctors, medications, illnesses, etc.;
Home insurance along with information related to property taxes, important documents, and so on;
Car insurance and car registration information;
Debts such as credit cards, student loans, etc.;
Social security cards;
Copies of driver’s licenses;
Death certificates (hopefully you don’t have any of these, but if you do then you want to keep them safe);
Will and/or trust papers;
Income information, such as if you have passive income that comes in;
Tax information such as recent tax returns;
Safety deposit keys;
Bank, savings, retirement, and investment accounts;
Phone numbers, usernames, and passwords
If you don’t have a financial emergency plan, I recommend looking to Bloomwell.
Here is information on Bloomwell directly from them:
“Bloomwell offers highly customizable family legal documents that are state specific and tailored to different family needs and situations. Further, we enable people to customize their legal documents based on their personal beliefs and to honor those beliefs. We also built certain documents, such as the Will and Trust, to provide for simple or complex charitable giving, as that is important. We offer an annual subscription that provides unlimited access to the mostused family legal documents, that cover situations from the everyday to “in case of emergency” for children, adults, and pets. The subscription also includes secure cloud storage, with bank-level encryption, and unlimited revisions for your documents. For those only wanting to purchase one document, we do offer the documents individually.”
Bloomwell.com is a great place to head to for family legal documents. They make it easy, and you can get everything in one place for things such as:
Financial Power of Attorney
Child Medical Consent
Health Care Directive
Domestic Partnership Agreement
For example, you definitely need a will. You probably know that, but haven’t even made the first step to changing that. You need a will because you can control how and to whom your property and belongings are given. Even if you don’t have children, you’ll want to create a will. I don’t have a will yet but it’s something that me and my husband are adding to our to do list because we know how important it is to have one.
And, Bloomwell makes it possible for you to create a will so that you can complete your financial emergency plan.
Why you need a will from Bloomwell.
Bloomwell provided me with a sample problem and solution to share with you to show how important family legal documents are.
The problem: My Family’s Financial Vulnerability Worries Me a Bit
The solution: Create a Will
If you have ever experienced anxiety around your family’s well-being, then you will probably want to create a Will. They are not difficult to create, and they are extremely important for any and every single person.
A Will will help to:
decide how your assets are distributed;
choose someone you trust to distribute your assets according to your wishes;
provide for your children;
choose who raises your children;
choose your funeral and burial preferences;
distribute sentimental items and family heirlooms to those that will appreciate them most; and
provide gifts to the charities you care about.
As you can see, there are many, many positives of having a Will. Yet, only 50% of Americans actually have one!
With Bloomwell, you can create a will in just 15-30 minutes online.
Do you have a financial emergency plan? Why or why not?