An emergency financial file is a roadmap that can help you or your loved ones navigate the often complicated and confusing world of personal finance during times of stress, death, or incapacity. Connecticut residents can benefit from keeping such a handy tool in reserve to help them seamlessly overcome any issues that arise.
Why you need an emergency financial file
An emergency financial file can help you or your loved ones access your finances quickly and easily during a crisis. If you were suddenly hospitalized, for example, having an emergency financial file would make it much easier for your spouse or family members to manage your finances while you recover.
Furthermore, if someone were to gain unauthorized access to your financial accounts, having an emergency financial file can make it much easier for you to prove your identity and take appropriate corrective action.
What to include in your emergency financial file
A list of all your financial accounts should be a part of your emergency financial file. Make sure to include the account numbers and contact information for each one.
Additionally, a list of all your bills and expenses, including mortgage or rent payments, utility bills, credit card bills and any other recurring expenses are essential for tending to your everyday needs.
A copy of your will, power of attorney and any other estate planning documents that pertain to your finances should also be included. Make sure to add a list of your insurance policies, including health insurance, life insurance and any other policies you may have.
To expedite emergency financial action, keep a list of your passwords and login information for all your financial accounts in your file. Be sure to keep this information secure and up-to-date to avoid delays. A list of your important contacts, including your financial advisor, attorney, accountant and any other professionals who can help you manage your finances is crucial for reaching the right people in a time of need.