Somehow, it never fails, when you absolutely need that info -- it's like -- Where did I put it? You start looking in all the "good places" and it's no where to be found! Of course, you will find lots of other stuff, but -- the one you absolutely need will be no where in sight!
There is a simple way to avoid the above scenario. What you need is a System to keep track of your important records at all times. No more, fumbling, searching, cussing and swearing! No more wondering -- "where the heck is it?"
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Here's how it is done to start locating insurance contracts, your will, any legal information such as a patent and other vital records fast and with ease:
Set up Tabbed Sections Within A File as follows:
1. Banking
2. Children
3. Credit and Loans
4. Employment
5. Estate Planning [including wills and post-mortem matters]
6. Important Personal
7. Insurance
8. Investments
9. Major Assets
10. Professional Residences
11. Tax Records
12. Vehicles [including boats]
File each important document according to each appropriate tab. Many times your files such as savings bonds may be in your home safe, your will will be at your attorney's office, contracts, deeds or even patent information may be in a safe deposit bank safe deposit box.
Keep track of your important records. Keep them organized and available. You will not miss out on a tax deduction because you did not keep the necessary receipt. More importantly, the System will help a spouse or executor locate your documents in case of death or disability.
13. Include Personal Records:
* Birth certificates of family members
* Death certificates of deceased family members
* Marriage license
* Divorce decree and custody agreement (if divorced)
* Passports (updated)
* Social Security numbers for family members
* The names and addresses of family members, close relatives, and any persons mentioned in a will
* Military records
* List of previous employers
* List of government employers
* Medical records and health insurance cards for family members
Describe all your major assets that you own individually or jointly with your spouse or any other person, together with the approximate value and location of deeds, titles, stock certificates, or any other evidence of ownership.
Include:
Cash, realty, investments, IRAs, retirement plan benefits, life insurance policies, interests in partnerships or other business entities, jewelry and other luxury items, automobiles, boats, antiques, coin collections, collectibles, art objects, and debts owed to you by others.
Estate Planning Records
Patent Information
Painful and unnecessary losses can happen just due to failure to organize your important documents such as stocks, bonds, bank accounts, real estate, etc. Even insurance policy benefits may go unclaimed. You'd be surprised how many times this does happen! Every year millions of dollars are directed into state treasuries simply because the lawful property owners cannot be located.
Relatives may not even be informed of a death thus, valuable family history may not be passed to future generations.
All of these losses can be avoided; however, with just some thoughtful planning and organizing of documents.
Why not make life easier for your family. It can be somewhat time consuming, but in the end it is definitely worth the work.
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