Planning for the Unplanned

Ask yourself this question, “If something happened to me today, resulting in my demise (mentally or physically), would my family be able to pick up the pieces and handle my affairs?”

The importance of this question exists even during your younger, “prime” years. Your CPA can be a resource to help determine what is necessary to document, and where/how this information should be stored.  Examples of records inventory that should be maintained include; account numbers; passwords for electronic records; any recurring online sources and uses of funds, such as automatic withdrawals from a bank account; contact information for family members and beneficiaries; the location of important documents, including investments, real estate, insurance, medical history, taxes, marriage and divorce, business ventures, advisors, guardians, wills/trusts, and powers of attorney.  A power of attorney may be the most important of these documents, as it enables your spouse, or trusted family member/friend to act on your behalf.

Consider a client portal maintained by your CPA or attorney allowing documents to be maintained in a centralized location, enabling access with a single, robust, password.

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