If something were to happen to you today, what would happen to the people who depend on you?
It’s a slightly morbid question I realize, but one that actually runs through my head frequently since having a baby. If something were to happen to me, what would happen to my family?
Obviously, I don’t plan on going anywhere, and I don’t want to. However death is a part of life, and burying your head in the sand doesn’t make that fact go away.
Mr FC and I talk through ALL of our financials together, but he doesn’t keep an internal catalogue of all our accounts like I do. He simply doesn’t enjoy it like I do, so I’m the one who manages most of our finances. It’s just what works in our marriage.
If I were to die tomorrow would he be able to remember all of our accounts and access them easily? This era of online banking and e-statements doesn’t exactly leave a paper trail for him to follow.
Even beyond that, I wonder about if something were to happen to BOTH of us. What would happen to our daughter and the people who would come in to care for her? We don’t divulge a line list of all our financial accounts to everybody so how would they even know what to look for?
If someone depends on you, you should have a will and life insurance, without question, but you should also have more than that.
One of the things I did to assuage the thoughts in my head was to create a personal finance command center.
This is a file folder where I put all the important documents for our lives. I include copies of all my important documents, list all accounts numbers, contact information, and online login information.
Here is how it’s organized:
- Personal Info
- Bank Accounts
- Budget and Tax Info
- Insurance Info
- Investment Info
- Estate Plan
Followers of Dave Ramsey know that he advocates having something similar to this and he calls it a Legacy Drawer, but I didn’t feel like paying $100+ for something you can put together for free. So I did some research and created my own.
If you would like to see a detailed template that you can use to create your own personal finance command center, enter your email address here to access the free download.