One-Stop Spot

on Saturday, November 19, 2011

I have recently worked on this task myself and decided to share.  Every household should have a one-stop spot (Drawer, Box, File, Safe) where you can keep a summary of your finances.  Including, but not limited to, all types of insurance, will, mutual fund accounts, mortgage information, tax returns, etc.  I wouldn't recommend adding every single document/statement because that is overkill for what you're trying to accomplish.  This simply needs to be a reference in order to locate the applicable statements and documents.  You will simply need to examine it every six months or so to ensure it is still up-to-date.  This will be crucial should there be an unexpected death in the family.  Your spouse should know where it is and one other family member or close friend should know where it is.  You're family will thank you one day.

I could easily dive in to more specifics but I came across a good article that pretty much sums it all up. If you want more information, check it out here. Let me know if you have any specific questions.


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