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Creating An Emergency Financial File In Texas

On Behalf of | Mar 31, 2023 | Estate Planning, Probate & Guardianships

Texas families who have recently lost a loved one know how difficult it can be emotionally and logistically. As they navigate their grief, they are also trying to understand your estate plan.

A thorough estate plan can help solve a lot of the problems your surviving family will run into. The hardest part will be finding a good place to start. That’s where an emergency financial file can come in handy.

What Is An Emergency Financial File?

An emergency financial file is exactly what it sounds like – a file full of important financial information that can be accessed in case of emergency. Emergency financial files are really useful for helping your loved ones after you’re gone, but they can also be helpful for you while you’re alive.

Having all of this information in one place means that it’s easy to access, and you always know where it is. In the event of an emergency – such as a natural disaster or medical – you can access the documents easily and quickly.

If you’re in the hospital or otherwise become incapacitated, an emergency financial file allows your loved ones to help take care of things while you recover. This includes making sure that bills get paid and information is transferred in a timely manner.

What Is In An Emergency Financial File?

Your emergency financial file will include copies of your identifying documents, including your social security card and passport. You will also include a list of your accounts, from checking to retirement and everything in between.

You also want to include a list of your open lines of credit and any other debt you may have. Debt is passed down as an asset, and it’s important that your loved ones be able to call these lenders to settle the debt if you can’t.

The emergency financial file will also include instructions for accessing a more in-depth estate plan, as well as a cover letter listing the contents of the file. This file can be digital or physical, and include anything else you think your family will need in a pinch – either way, it can be a huge help to your loved ones.