I finally sat down and created a “FLOP” document. It’s a financial life, one page kinda deal, though if yours needs to be a few pages that’s fine, too.
I wanted to have all of our important financial information in one location so that if I were to become incapacitated in some way, Shane or someone else could quickly step in on the bill payments and whatnot to know where everything is. It is very important for this info to be available to either my husband or estate trustee if the worst-case scenario comes into play. Following me, here?
I recently reorganized the paperwork in my filing cabinet, but I’d like to have a “table of contents” of sorts to point to the really important stuff.
If the info wasn’t particularly sensitive, I typed it. Things like “We have a savings account at ING Direct” and “we each have IRAs with Vanguard” were typed. More sensitive info, such as account numbers, I hand-wrote on the printed page. I guess I’m paranoid about my computer’s security.
The page went into my fire-resistant lock box where I’m also storing our birth certificates, marriage license, social security cards, Shane’s passport, our wills and the sort. I hope my house never catches on fire or is destroyed by a tornado, but if it does hopefully those documents will still be usable. Also, if we needed to evacuate our home at short notice, say, a crazy flood or something, it would be easy to grab the lock box and take it with us rather than going through my file cabinet.
Here’s what’s on my FLOP:
- My legal name
- Driver’s License #
- Birth date
- Name of institutions & account numbers, phone number if card is lost
- PayPal info
- Name and phone number for lost cards
- Mortgage company name, and a notation that our mortgage is paid monthly through online bill pay automatically.
Life and disability insurance:
- Companies and account numbers
Location of our Last Will & Testament and the contact info of the attorney who prepared it
- College 529 plans and account numbers
- Location of IRAs
- Location of 401k
Info for our car insurance and homeowner’s insurance
All bills and how they’re paid (cable/internet, cell phone, electric, gas, trash, water, HOA, credit card). Some are automatic online bill pay and some we need to pay manually each month.
- Names and phone numbers of our physicians
- Name and contact info for our health insurance company
More on the topic:
- Get your financial life on one page @ Christian PF
How about you? Do you have a document such as this one? And, am I forgetting anything in mine?