“Just In Case . . .”

So today is the start of the new Lunar year. The Year of the Ox. According to a variety of sources, today and the next 15 days are “a good time to take a look at your situation, plan to work steadfastly over the next year – and eat dumplings.” (Among other traditions!)

With that as preface, I’d like to introduce this year with a sober and important step in emergency preparedness – the “Just In Case” letter.

If you have a family, the “Just In Case” letter is particularly for you.

Families who’ve lost a loved one have to cope with grief. We’ve heard from many this year how hard that is, and you may have experienced the death of a loved one yourself.

And family members left behind often have an additional burden, that of sorting through many miscellaneous papers in order to get the family member’s affairs in order. 

A “Just In Case” letter can give you the satisfaction of “getting your act together,” and it will make it much easier for your family when the time comes.

Just so you know, Earlier in my career I spent 15 years as a Certified Financial Planner, speaking and providing counsel to individuals about their retirement planning. And I wrote about financial affairs for many years, too, including a book on Retirement Planning that was re-printed in Chinese. (Its tax information is totally out of date by now, of course!) I pulled copies off my shelf so you could see them, below.

As for the Just In Case letter, I first wrote it years ago, too. I updated it when my aunt died at age 92 and again when my Mother died at age 99.  I’ve shared updated versions with neighbors via our local community newsletter. Now seems a good time to update it again.

A “Just In Case” letter addresses three major concerns. 

The first concern is where to find important papers. 

Making a list or even drawing a diagram to show where these things are located in your house is helpful.  Here’s a list of family documents that should be readily “findable” just in case:

• Birth certificates, marriage (and divorce) certificates, death certificates
• Other IDs including Driver’s License, immigration, military, passport
• Social Security numbers for everyone, plus other names people may have used
• Your will or trust, and the name of the executor (who should have the original)
• House papers:  deed or title, cost basis, list of improvements, details of mortgages; rental contract
• Car papers:  ownership or lease, DMV registration, warranties or service contracts
• Insurance documentation on people, houses and cars
• Medical and dental insurance information, including account numbers
• Bank Account numbers, including Money Market Funds and IRAs
• List of Investments: when purchased and for how much, including account numbers
• Company benefits information: your most recent statement is a good starter.  If you haven’t retired yet, don’t forget benefits you may be entitled to from a company you or your spouse USED to work for (including the military).
• Credit Cards:  A list of all your cards and account numbers, with phone number to call if you lose one!
• Location of a safe deposit box and key, and a list of its contents
• Past years’ tax returns and receipts
• Debts you may owe (as distinguished from credit card debt), such as student debt, car loan, private debts
• A list of important online accounts, with logins and passwords

The second concern your family may have is who to turn to, and their names and addresses:

• Your insurance agent(s)
• Your attorney (you may have more than one)
• Your financial planner or broker
• Your tax preparer
• The executor of your will
• Other special people, such as property managers, your banker, car repair person, business partners, etc.

Finally, include in a written document any personal wishes you may have.

We have all seen images of “the reading of the will.” Yes, the will is one thing, and we’re not addressing that here. What I’m talking about are things that aren’t included in your will.  

If you have personal items you want to leave to different family members, it’s always best to list them in a personal letter instead of in your will.  That way, if you want to make changes, you don’t have to go through the trouble of getting new witnesses, etc.

This list is not exhaustive.

I hope I haven’t missed anything essential, but there will certainly be things that YOUR list should include that aren’t here. Still, if you’ve been with us for a while at Emergency Plan Guide, nearly all of it should sound familiar, since much duplicates the same items you’d want to have with you if you had to evacuate.

You don’t have to do everything on the list all at once! (Slow and steady, like the Ox, remember?)  But if you don’t have something like it, you are leaving your family in a position that could cost them added money and emotional distress.

Disclaimer. This list does not constitute financial or estate planning. If you are looking for more detail, I’d recommend you check with Nolo and with AARP first to get comfortable with the lingo and language of professional planning, and go from there.

But every one of us can do ourselves an emergency preparedness favor and enjoy the personal satisfaction that will result from writing and/or updating our own “Just In Case” letter.  Now’s a good time to start!

Virginia
Your Emergency Plan Guide team

P.S. If you read the Protect your Pet booklet, you saw in there some comments regarding making plans for your pet in the case of your death. Surely it’s just as important to make plans for your family!

This is the first Advisory about some of these issues. I’m working now on a second Advisory dealing with End of Life choices. Remember our mantra: The more we all know, the better off we all will be.