Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment. Command them to do good, to be rich in good deeds, and to be generous and willing to share. (1 Tim. 6:17-18)

Friday, October 9, 2009

Organizing your financial planning documents

Now that you are hard at work this week getting your personal financial planning together, you may be wondering what documents you should gather together and where you should store them.

Where should I store my financial planning documents?

Before you gather all of your documents, you need to have a safe place to store those documents. Some people like to use bank safe deposit boxes. I personally like a fireproof safe to store my documents. I can keep it on site where it is more easily accessible to me. Wherever you keep your documents, be sure to inform trusted family members of how they can access them if needed.

What financial planning documents should I store in safe place?

Here's a listing of important documents that you need to put together and store in a safe place:
  1. Birth, death, and marriage certificates
  2. Divorce and child custody papers
  3. Adoption papers
  4. Passports
  5. Military records
  6. Social Security cards
  7. Copies of drivers’ licenses
  8. Mortgage/property deeds
  9. Stock and bond certificates
  10. Car titles
  11. List of insurance policies (life, health, disability, long-term care, auto, homeowners, renters), including the type, company, policy number, and name of insured. You can even keep the original copies of these policies in your safe if you have enough space.
  12. Copies of power of attorney, living will, and other medical power
  13. Trust documents
What do you need to accomplish today in order to get your financial planning documents organized?

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