Natural disasters can be extremely scary for all involved. Many people lose their lives and leave their families behind because they’re unable to get help during an emergency. It can also be scary for outsiders to watch as so many helpless people are injured or killed during a natural disaster. It’s important to have a plan in place, so that you and your family are protected, no matter what happens. Below are 10 estate planning tips to keep in mind in order for you and your family to be better prepared for a natural disaster.

  1. Keep a copy of your critical documents in a fireproof safe, safety deposit box, or in the cloud in a password-protected folder that can be accessed outside of the disaster zone.
  2. Create a password file so your representatives can access your 401k, IRA and investment accounts. It is almost impossible to get information on your investments and life insurance policies without the requisite paperwork and account information.
  3. Make sure your personal representatives and trustees have copies of your current wills, trusts, advance directives and powers of attorneys. We provide copies to give to clients so that they can email them to the right person.
  4. Keep your CPA or financial adviser up to date on your estate plan and who prepared it. Your representatives will need to contact the attorney who hopefully has copies of your executed documents in a safe and accessible place.
  5. Know where you homeowners insurance policy is and communicate with your agent on where back-up copies might be placed.
  6. Find your life insurance policies, scan them and get rid of the expired ones. Know how much insurance you have through your employer and who the beneficiaries are.
  7. Create an inventory of your assets and liabilities and update it once a year. Lost accounts and utility deposits happen frequently and ended up being turned over to the state when the owner cannot be found.
  8. Create an emergency number for family members to call that is a landline. Cell phones may not be operative. Keep hard copy list of the phone numbers of extended family members–not just in your cell phone.
  9. Don’t assume the courthouses will be in operation anytime soon. Many of the buildings are seismic-deficient and paper records may be destroyed.
  10. If you have sufficient assets, consider preparing a trust to avoid probate and name an out-of -state back-up trustee to administer your estate.

For more information on how you can better prepare yourself for a natural disaster contact us today.

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