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Organizing Records for an Emergency

After all the natural disasters of 2005, you should give some thought to what you would do in the event of an emergency. If you had to evacuate your home, could you quickly get your hands on all important financial documents? Consider organizing and keeping those records in one place, preferably a fireproof, lockable box. Items that should be placed in the box include:

Cash — Place enough cash to last at least a few days away from home, in case banks are closed. You may also want to include a charge card with a zero balance that can be used in emergencies.

Legal documents — This would include birth certificates, marriage certificates, passports, Social Security cards, military records, naturalization and adoption papers, deeds to property, titles to vehicles, divorce or separation agreements, diplomas, wills, and powers of attorney. In some cases, you may only want to include copies in this box, retaining the originals in a safe deposit box or other secure location.

Financial records — Keep a list of all account numbers and contact numbers for all your financial accounts, including bank accounts, investment accounts, 401(k) plans, Individual Retirement Accounts (IRAs), credit cards, and outstanding loans and mortgages. You should also prepare a list of attorneys, accountants, investment managers, and financial planners. If you keep most of your financial records on the computer, include a backup of those records in this box.

Insurance policies — Include copies of all insurance policies, including life, homeowners, automobile, medical, and disability. Also keep a record of your insurance agent and his/her contact information.

Household inventory — You should have a complete inventory of the entire contents of your home. You can either write or videotape the inventory. Either method will work, but a videotape typically requires less time. Make sure to include everything in your house, systematically working your way around every room so that nothing is left out. Keep receipts for the larger items with the inventory.

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