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Financial Records Organizer: Preparing for Emergencies and Disasters

by Nancy M. PorterBUL 893

Issued in furtherance of cooperative extension work in agriculture and home economics, Acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of Agriculture, Barbara Petty, Interim Director of University of Idaho Extension, University of Idaho, Moscow, Idaho 83844. The University of Idaho provides equal opportunity in education and employment on the basis of race, color, national origin, religion, sex, sexual orientation, age, disability, or status as a disabled veteran or Vietnam-era veteran, as required by state and federal laws.

Published May 2015 © 2015 by the University of Idaho

ContentsImportance of Taking Action Now ..................................... 3Tax Records ............................................................................ 3Records of Significant Purchases ....................................... 3Using the Organizer..............................................................4Protecting Sensitive Financial Information ......................4Portable Fireproof Box—Your Emergency Kit ..................4Forms ...................................................................................... 5

1. Family members ......................................................... 62. Location of important papers .................................. 73. Assets A. Financial accounts (checking with debit cards, money management accounts) and safe deposit box .................................................. 12 B. Savings accounts and certificates of deposit 13 C. Real estate ........................................................... 14 D. Real estate you lease/rent ................................ 15 E. Stocks ................................................................... 16 F. Bonds, notes, bills ............................................... 17 G. Mutual funds and exchange traded funds (EFTs) not held in retirement accounts .......... 18 H. Other investments (annuities, IRAs) .............. 19 I. Retirement benefits ...........................................20 J. Personal property (autos, jewelry, guns, collections, etc.) ................................................. 21 K. Notes, mortgages owed to you, and accounts receivable ............................................22 L. Trusts ....................................................................234. Liabilities A. Mortgages and other real estate debt ............24 B. Liens against personal or business property (e.g., vehicle or machinery loans) ....................25 C. Real estate leased/rented by you from a different landowner ...........................................26 D. Other personal liabilities (credit cards, loans, money owed to others) ......................... 275. Insurance A. Life insurance policies ........................................28 B. Other insurance policies (auto, disability, health, homeowner’s, long-term care, renter’s, umbrella) ..............................................296. Miscellaneous financial information ....................307. Professional advisors, guardian(s), personal representative(s), doctor(s), and dentist(s) ........328. Account passwords ..................................................35

Acknowledgment—This publication was adapted from Colorado State University Extension fact sheet #9.156, (http://www.ext.colostate.edu/pubs/consumer/09156.html) 06/2011

The author—Nancy M. Porter is Personal and Family Finance Consultant with University of Idaho Extension.

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attorney and giving a trusted person access to your financial accounts so they can handle business for you in a timely manner. This way you avoid having to cut your trip short.

Tax RecordsOrganizing your tax records makes tax preparation much easier. It is also essential in preparing for an au-dit or before consulting with an accountant to explore possibilities for lowering your taxes in future years. Tax files should include federal and state income tax returns, all forms, and supporting documents—such as W-2 forms; 1099 forms; bank statements; cancelled checks; credit card receipts and statements; records of capital assets, gains, and losses; and all other receipts for tax-deductible items (interest paid, child and medi-cal care, donations, business expenses, real estate and personal property taxes, and casualty losses).

The Internal Revenue Service has three years to audit federal income tax returns (or two years from the date the tax was paid, whichever is later). However, this limit does not apply in “unusual” cases. If an amount of income which should have been reported was not, and it is more than 25 percent of the income shown on the return, the period of limitation does not expire until six years after the return was filed. The timeline for keeping records of capital assets is the holding period plus six years.

There is no time limitation when a return is false or fraudulent, or when no return was filed (see IRS Publication 552, Recordkeeping for Individuals). While you do not have to keep all possible financial records for tax purposes, if audited you will want to have can-celled checks or other verification of payment relating directly to entries on your tax return. In some cases, it is advantageous to keep records longer than the recommended period. For example, if you are selling your principal residence and claiming the capital gains exclusion allowed by the IRS, documentation of the original purchase price and capital improvements may be required.

Records of Significant PurchasesIdeally, you should keep a record of all significant purchases (big ticket items) and property you own. Keep all “paid in full” statements for life, in case there is ever a question about payments. A good way to keep records is to video or take photos of each item as you buy it. With video on a smart phone or camera, you can speak about what the item is, the purchase date, how much you paid for it, whether there is an extended warranty, what it is worth, and give documentation of appraisal. This way you have an excellent record for

Importance of Taking Action NowLife’s emergencies require advance preparation and planning. The first step is organizing your financial information. Do you have an appropriate place for filing each document? Have you told anyone where you keep your vital information? Have you shared your wishes in the event of your death? Are your documents avail-able to “grab and go” in case of an evacuation? Many situations require that you take action now to avoid financial problems later.

Your spouse and adult children—and any others who would need to handle your financial affairs—should know the location of all papers, contracts, docu-ments, policies, and other needed information. Each should also know to whom to turn for advice in case of emergency. This publication provides advice for safeguarding your important documents and a set of fillable forms for recording your personal and financial information, identifying your advisors, and giving the locations of important documents.

Natural disasters—Wherever you live, there is always the risk of fires, floods, and other disasters. Your home and important documents could be totally destroyed. Prepare yourself so you can minimize the impact. Insurance policies and purchase receipts should be sys-tematically filed for easy access if an insurance claim is necessary. For the best protection, keep the originals in a safe place and file copies elsewhere.

Theft—Theft can occur in an instant. Your wallet could be stolen from your office or your camera from your vehicle. Do you have a list of credit and debit card numbers, copies of recent statements, and com-pany contact information? This is necessary so you can quickly report stolen cards before they are used unlawfully. For easy access to this important informa-tion, photocopy the front and back of each credit and debit card. Do you have a recent property inventory completed with serial numbers to help in getting stolen property returned?

Sudden illness or death—Contingency plans also may be needed for sudden injury, illness, or death. If you were incapacitated, who would handle your affairs and how would that person gain access to your important documents? Would they have a durable power of attorney to act on your behalf? Would someone have access to your dental or medical records in order to provide positive identification of your remains? By making these plans ahead of time, you ease the stress your loved ones would face.

Contingency plans—And what if while traveling you discover that a financial account needs attention? Prepare for your trip by creating a durable power of

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insurance purposes and you increase your chances of recovering costs of lost, stolen, or damaged property. If the property is damaged or destroyed, you can also take photos or video to show the extent of the damage in comparison to the originals.

Using the OrganizerUse the forms that follow to organize your information in one place. First save this publication file to your computer, external disk, or USB flash drive with a name you will easily remember. To fill in the forms, just click in each box and type your information. If you need additional space, duplicate the file.

Fill in the forms as completely as possible and update them as your situation changes. These electronic forms are easy to keep up-to-date. As your situation changes, just delete the information in a box and type in the new information. If you prefer, you can print a copy of the forms and write the information in each box. If you use a pencil, you can erase and add new information as necessary.

Complete the forms with your spouse and others who need access to your personal information. If spouses have separate financial accounts, liabilities, etc., they can complete separate forms.

If your attorney has your will, provide copies of the completed forms to be placed in your file so your personal representative has access to both. Give other copies of the forms to your close relatives or trusted individuals who have copies of your important doc-uments. Keep copies of documents such as wills and trust agreements in a portable fireproof box for easy access.

When the forms are completed and kept up-to-date, you or others who might have to manage your affairs will know where to find all records. (It is important to be specific when listing the location of items.) They will also know how to contact your advisors, such as a lawyer, accountant, primary doctor, or dentist. The forms can be used to create an effective filing system to manage your vital information.

Protecting Sensitive Financial InformationStore your information on an external disk, USB flash drive, or other device for portability in case of evacua-tion along with computer scans of original documents and family photos. Keep hard copies of the forms and files in a safe place known to your family and/or advisors. Protect this information from access by unauthorized people.

It is very important to encrypt the sensitive data stored on your computer and on mobile storage devices such as external disks and USB flash drives. Mobile storage devices can carry a lot of information. Be sure that they are always secured and do not get lost or misplaced.

Creating strong passwords—Security of electronic files requires the user to authenticate (use a password) when accessing the information. Password protection requires using strong passwords. Key aspects of strong passwords include length (6 to 14 characters); a mix of letters (uppercase and lowercase), numbers, and symbols; no references to your personal information; and no dictionary words (English or foreign). You should change your passwords regularly (every 45 to 90 days) and never keep your passwords written down near your computer or mobile storage devices.

Portable Fireproof Box—Your Emergency KitIf you don’t already have a portable fireproof box, consider getting one. It should be large enough to hold files and a few valuables, but not so large that you can’t easily carry it out if you have to evacuate. Keep your external disk, USB flash drive, or a copy of your completed forms in this emergency kit. Here are some other suggested items for your kit:

• Adoption papers

• Bank statements and brokerage statements for past year

• Birth certificates for household members

• Blank checks from each checking account

• Credit/debit/ATM cards (color copies, both sides)

• Deed to your residence

• Documents that prove ownership of investments

• Driver’s licenses (color copies)

• Health insurance, prescription, and/or other benefit cards (color copies)

• Identification cards issued by your banks

• Insurance policies and agent/agency contact information

• Inventory of household and personal items; photo-graphic documentation for inventory of household and home office items (keep additional copies at a work office or another location)

• List of assets and liabilities, with details of owner-ship and the contact information for all persons and entities relevant to the ongoing status of that asset or liability

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• List of contact information for advisors, person-al representatives, trustees, guardians, doctors, dentists

• List of electronic access user IDs, passwords, PINs, and digital assets. (Digital assets consist of personal information that is stored electronically on either your personal computer or an online “cloud” server. Anyone who uses e-mail, has a password-protect-ed cell phone, makes online purchases, pays bills online, or has social media accounts has digital assets.)

• Location of safe-deposit boxes (with key location) and names of authorized signatories

• Marriage certificate, marriage license, divorce documents

• Military service records

• Mortgage documents and other loan documents

• Passports (color copies)

• Religious certificates

• Retirement plans (e.g., pension documents, summary plan descriptions)

• Social Security cards for household members

• Tax returns for a minimum of three years

• Titles for vehicles

• Trusts for which you are a trustee or in which you have a beneficial interest

• Wills, living wills, power of attorney, durable power of attorney for health care, and letters of last instruction

As you can see, much of the information on this list is already called for elsewhere on the forms. Keeping track of your vital information should be made as simple as possible. Don’t make it any harder than it has to be.

Forms1. Family members

2. Location of important papers

3. Assets

A. Financial accounts and safe deposit box

B. Savings accounts and certificates of deposit

C. Real estate

D. Real estate you lease/rent

E. Stocks

F. Bonds, notes, bills

G. Mutual funds and exchange-traded funds not held in retirement accounts

H. Other investments

I. Retirement benefits

J. Personal property

K. Notes, mortgages owed to you, and accounts receivable

L. Trusts

4. Liabilities

A. Mortgages and other real estate debt

B. Liens against personal or business property

C. Real estate leased/rented by you from a different landowner

D. Other personal liabilities

5. Insurance

A. Life insurance policies

B. Other insurance policies

6. Miscellaneous financial information

7. Professional advisors, guardian(s), personal repre-sentative(s), doctor(s), and dentist(s)

8. Account passwords

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YOU are responsible for protecting your financial information.

The information in your emergency kit and on these forms should be carefully secured and protected against unauthorized access. Using strong passwords on all your disks, USB flash drives, or other devices that contain sensitive financial information is very important.

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Name (first, middle initial,

last) Relationship Date of birth Email Address Phone number Social Security number

1. Family members

Person completing this information: Date completed:

_________________________________________________ _________________________

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2. Location of important papers

Item Specific location Contact information

Adoption papers

Advance directives for health care

Durable power of attorney for health care

Living will

Birth certificates

Business/farm records

Credit cards

Death certificates


_________________________________________________ _________________________ location of important papers continued, next page

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2. Location of important papers, cont.


Estate-planning documents

Will

Beneficiary designations

Cemetery plot deed

Funeral preferences

Letter of last instruction

Power of attorney

Trust documents



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Divorce papers

Education diplomas/certificates

Employment records

Financial records (bank, credit, debts)

Health records/insurance cards

Home improvement records

Housing documents (mortgage, appraisals, deeds, surveys, inspections, pest control)

Insurance policies



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Leases

Marriage license/certificate

Memorial society membership

Military records

Naturalization documents

Passports/green cards

Personal property inventory

Pet records



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Religious records/certificates

Rewards/loyalty program information

Safe-deposit box

Inventory of contents

Number and keys

Social Security cards

Tax documentation (income, property)

Warranties


_________________________________________________ _________________________

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_________________________________________________ _________________________

3. Assets

A. Financial accounts (checking with debit cards, money management accounts) and safe-deposit box

Financial institution address Type of account Exact name(s) on accountAccount, card, PIN, or

box number AmountPOD (Payable

on death)

assets continued, next page

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_________________________________________________ _________________________

3. Assets, cont.

B. Savings accounts and certificates of deposit

Financial institution address Type of account Exact name(s) on account Account number Amount Maturity date


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3. Assets, cont.

C. Real estate

Legal description of property Title holder (you, spouse, joint) Exact names on title Year acquired CostMarket value and

date


_________________________________________________ _________________________ assets continued, next page

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_________________________________________________ _________________________

3. Assets, cont.

D. Real estate you lease/rent

Legal description of property Lessee name Contact information Lease typeLease/rental

rateDuration of

lease

Rent due (month/

year)


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3. Assets, cont.

E. Stocks

Company/description Contact information Name on certificate(s)Purchase

price/dateNumber of

sharesCertificate numbers Location of certificates



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3. Assets, cont.

F. Bonds, notes, bills

Issuer/bond number Contact information Bond holderFace

amountPurchase price/

dateMaturity

date Location of certificates



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3. Assets, cont.

G. Mutual funds and exchange traded funds (ETFs) not held in retirement accounts

Company/description Contact information Name(s) on accountPurchase

price/dateNumber of

sharesCurrent

value

TOD (transfer on

death)

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Company/description Contact informationOwner (you, spouse,

joint) Type Beneficiary AmountDistribution

method

3. Assets, cont.

H. Other investments (annuities, IRAs)

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3. Assets, cont.

I. Retirement benefits

Company/description Contact informationOwner (you, spouse,

joint)

Type of plan (401(k), 403(b),

457) Beneficiary Amount

Distribution method (annuity,

lump sum)

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DescriptionOwner or title holder (you, spouse,

joint) Location of title, if any Cost Market value

3. Assets, cont.

J. Personal property (autos, jewelry, guns, collections, etc.)

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3. Assets, cont.

K. Notes, mortgages owed to you, and accounts receivable

Description Name of person who owes you Year acquired Value Other

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_________________________________________________ _________________________

Type Trustee Contact informationPerson who created

trust and date BeneficiaryValue of trust

property

3. Assets, cont.

L. Trusts

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4. Liabilities

A. Mortgages and other real estate debt

DescriptionName of creditor and contact

information Account number

Amount of payment/due

dateBalance due by name(s)

on loan If insured, by whom


_________________________________________________ _________________________ liabilities continued, next page

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4. Liabilities, cont.

B. Liens against personal or business property (e.g., vehicle or machinery loans)

DescriptionName of creditor and contact

information Account number

Amount of payment/due

dateBalance due by name(s)

on loan If insured, by whom



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C. Real estate leased/rented by you from a different landowner

Type of property and acres Landowner’s name Contact informationLease type (cash,

share, etc.) Lease/rental rateRent due

(month/year)



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Name of creditor Account number Date due Balance Name(s) on account If insured, by whom


D. Other personal liabilities (credit cards, loans, money owed to others)


_________________________________________________ _________________________

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5. Insurance

A. Life insurance policies

Company and contact information

Owner (you, spouse, or joint) Person insured Beneficiary

Type of policy/face amount/maturity

date Policy number

Cash value and any outstanding

loan


_________________________________________________ _________________________ insurance continued, next page

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Company and contact information Type of insurance Policy number Deductible Coverage Renewal date

5. Insurance, cont.

B. Other insurance policies (auto, disability, health, homeowner’s, long-term care, renter’s, umbrella)


_________________________________________________ _________________________

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6. Miscellaneous financial information

Income source Name Amount Contact/benefits information

Wages - Employer 1

Wages - Employer 2

Wages - Employer 3

Alimony

Business/farm

Child support

Custom work

Mineral rights


_________________________________________________ _________________________ miscellaneous financial information continued, next page

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6. Miscellaneous financial information, cont.

Income source Name Amount Contact/benefits information

Pension

Public benefits (SSI, unemployment insurance)

Social Security

Structured settlements

Veteran’s income

Other


_________________________________________________ _________________________

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7. Professional advisors, guardian(s), personal representative(s), doctor(s), and dentist(s)

Advisor type Name Phone Email Address

Accountant/tax preparer

Attorney

Banker

Clergy

Dentist(s)

Doctor(s)

Specialists

Employer human resources


_________________________________________________ _________________________ professional advisors continued, next page

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Accountant/tax preparer

Attorney

Banker

Clergy

Dentist(s)

Doctor(s)

Specialists

Employer human resources

7. Professional advisors, guardian(s), personal representative(s), doctor(s), and dentist(s), cont.


Financial planner

Guardian(s)

Insurance agent(s)

Investment advisor(s)

Personal representative(s)

Powers of attorney

Durable power of attorney for health care

Durable power of attorney


_________________________________________________ _________________________ professional advisors continued, next page

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7. Professional advisors, guardian(s), personal representative(s), doctor(s), and dentist(s), cont.


Trustee

Others


_________________________________________________ _________________________

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8. Account passwords*

Company/organization Username Strong password** Last date changed Web URL

* Do not forget to include passwords for digital assets, personal information that is stored electronically on either a personal computer or an online “cloud” server. Anyone who uses e-mail, has a password protected cell phone, makes online purchases, pays bills online, or has social media accounts has digital assets.**Using strong passwords on electronic files containing financial information is very important.Microsoft provides a Password Checker website (https://www.microsoft.com/en-gb/security/pc-security/password-checker.aspx) to help determine if a password is strong. To achieve maximum strength, the Password Checker requires a password to have at least 14 characters containing at least one of each of the following types of characters: an uppercase letter, a lowercase letter, a number, and a special character. As added security, most experts also recommend that passwords not contain your username, real name, company name, or complete words; that each password be unique; and that all passwords be significantly different from previous passwords.

account passwords continued, next page

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8. Account passwords, cont.

Company/organization Username Strong password Last date changed Web URL


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