Are your Asset Details Accessible by your Family in an Emergency Situation?
Do you have all your personal assets documented and safe?
God forbid, if something happened to you tomorrow, would your loved ones be able to access your documented assets? Would they even be able to locate them?
Of course, no one wants to think about these emergency situations, but being prepared is the best way to ensure that your loved ones will be taken care of and can easily access your information just in case.
According to Lifehacker.com, your main goal for organizing your important documents is to create a “Master Document or Folder” that has all your information, and this repository should be shared with your close and trusted loved ones such as your spouse or child.
As the article “Your Asset Information Recording -- YAIR” advises, you do not need to include value amounts of your assets on the master list, just details on how to access all assets. Here are examples of information you can include:
● Name of Account Holders
● Life Insurance Policy
● Property Info
● Financial Instruments Info
● Estate Executor Info
● Your Living Trust
Also, include copies of any needed documents and write up a summary or an overview of the document (YAIR).
Choose a trusted family member to share this information with. If you choose a spouse, you might want to include someone else in case an emergency situation happens while the two of you are together (YAIR).
Update your personal asset info on a regular basis, perhaps every 6 months, on your birthday, or when you file your taxes (LifeHacker).
Do you have the right tool to store all your personal papers?
With our app XcellTRACKER, securely store, organize, and share your important asset details. Create a repository of documents all in one place and share with members of your family and link together under one master account.
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