None of us like to think about the unexpected, but being prepared is a meaningful way to support loved ones during difficult circumstances.
A “just in case” binder is simply a well-organized collection of the information your loved ones would need if you or your spouse were to pass or become incapacitated. Instead of scrambling to find account numbers, passwords, insurance policies, or legal documents, everything is in one place. At a time when things are already disrupted, the last thing someone wants to do is search for information.
Consider including:
- Estate planning documents (will, trust, powers of attorney, healthcare directives)
- A list of bank, investment, retirement, and insurance accounts
- Passwords for important accounts, or information about how authorized family members or fiduciaries can access those accounts
- Contact information for your attorney, financial advisor, accountant, and insurance agent
- Property deeds, vehicle titles, and mortgage information
- Monthly bills and subscriptions
- Social Security, Medicare, and pension information
- VA or retired military information
- Funeral or burial wishes, if you’ve documented them
Don’t forget to tell a trusted family member or your executor where the binder is kept. Review and update it at least once a year or whenever your financial or personal situation changes.
Creating a “just in case” binder isn’t about expecting the worst, but making a difficult time a little easier for the people you love. Your family will have enough to process emotionally. Giving them a roadmap to your financial and legal life is a final act of care that can save valuable time and help reduce stress and uncertainty.
If you’re unsure where to start, speaking with a financial advisor may be a helpful first step. As a Certified Financial Transitionist®, I work with individuals and families to prepare for the financial considerations that often accompany life transitions. A little planning today can make important information easier to access when it’s needed most.
Heather Gardner, CFP®, CeFT®
Wealth Advisor and Certified Financial Transitionist
