Financial planners believe that one's financial affairs should be organized in such a way that if today is the day that your life changes forever; you are as prepared as you can be.
Planning for the unexpected is tricky. How do you know what you'll really need in the future? It's best to err on the safe side and prepare for anything and everything.
A recent article in The Patriot Ledger, "MAKING CENTS: Make a plan for the unexpected," suggests that one's financial affairs should be organized as if today is the day that your life changes forever, and you are as ready as possible. It states that the starting point is building a reserve of cash.
Take a little time and make it easier for your loved ones to find things. Make a list of important papers like insurance policies, deeds to homes, a list of passwords, loan documents, the location of any deposit boxes or lists of financial accounts. Keep them organized in one place, and let your spouse or heirs know where everything is.
The article also counsels to scan important papers and save them in an obvious location on your computer, with a separate backup disk.
Estate planning is not the type of legal service that any generalist attorney knows well. Use a qualified estate planning lawyer to set up the right documents that are appropriate for your specific circumstances.