Safeguard your financial future with a Fire or Legacy Box

 

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In today’s episode of the Year of Profit Podcast, Joe delves into a crucial topic for anyone looking to safeguard their financial future: the importance of having a fireproof box to protect important documents. As Joe explains, many people overlook the need for a secure place to store critical papers, such as birth certificates, insurance policies, deeds, and financial records. However, these documents can be invaluable in the event of a disaster, especially a fire. Without a fireproof box, important paperwork could be lost or destroyed, leaving you without the necessary evidence to reclaim your assets, manage your estate, or prove ownership of property. Joe emphasizes that a fireproof box isn't just about protection against fires but also serves as a safeguard against water damage, theft, or general wear and tear over time. He also provides tips on choosing the right fireproof box, suggesting options based on the level of protection required and the volume of documents to be stored. By taking the simple step of investing in a high-quality fireproof box, individuals can have peace of mind knowing their most important records are safe, secure, and accessible when needed most. This small investment can save a significant amount of stress in the long run.

What to Keep in Your Legacy box

Once you have your legacy box set up and ready for documents, grab a cup of coffee and start filling it. Here are the documents we recommend you put in your legacy drawer:

Cover Letter

A short and simple way of stating the purpose and contents of the legacy box. We’ve found a cover letter is the best way to let your loved ones know what they can find inside the drawer.

Will and Estate Plans

You’ll definitely want to include any and all information about your will and estate—they’re kinda like the treasure map your family will be looking for. Don’t forget to include the names of the executor, beneficiaries and powers of attorney.

Financial Account Information

This one’s simple: Anything that has money in it and your name on it should be listed in the legacy drawer. That includes account names and numbers and account balances.

Funeral Instructions

All the details surrounding your funeral should be included in your legacy drawer so your loved ones don’t have to guess what you would have chosen. And get specific. Do you want to be buried or cremated? Is there a funeral home you prefer? Do you know what clothes you want to be buried in? What do you want included in your service—specific songs, speakers, etc.? If you’re married, create a letter of instruction for you and another one for your spouse that includes all funeral instructions and add-on instructions (usernames, passwords and PINs)

Insurance Policies

This one’s a biggie. Think of all your insurance policies as the safety net you’ve worked really hard to create for your family. In the event of your death or an emergency, you want your loved ones to be able to access their safety net quickly so they can avoid being in limbo—financially or emotionally.

Gather and organize all your insurance information, including health, car, disability, term life and anything else insurance-related into one single document for easy reference. List the type of insurance, who the policy is for, policy numbers and contact information.

Important Documents

Include any legal or other important documents you have. Think deeds, marriage and birth certificates, Social Security cards, and titles.

Legacy Letters

Your legacy box is all about your legacy after all. And sometimes the one thing your family will want is a personal message from you! So, take a little time to leave behind letters for your loved ones. Tell them how much you love them, what they’ve meant to you—anything you want to make sure they know if you’re no longer around to tell them.

Monthly Budget

Add a copy of your written budget so your family knows how to keep things running in your absence. Make a note of any automated payments and the accounts they’re tied to.

Tax Returns

Keeping tax returns in your legacy drawer is like an insurance policy for yourself in case you’re audited from the IRS. (And yes, you can get audited even after death!) Hopefully no one will ever have to access them, but if they do, at least they’ll be prepared.

Passwords

Write down all passwords, combinations, usernames and PIN numbers. (No judgment, this is also a great opportunity to update all your passwords from your dog’s name or your wedding anniversary to something safer.) This allows your loved ones access to any documents, money or information that’s left when you’re gone. Like we mentioned, a letter of instruction can, and should, include all add-on instructions for anything you mentioned in your will.

Safe Deposit Box Instructions

While you’re building your legacy drawer, you should also set up a safe deposit box. Put all originals of the documents you store in your legacy drawer into your safe deposit box. Then include the location of the safe deposit box and key in your letter(s) of instruction.

Finally, when you finish creating your legacy drawer, don’t forget the most important step. Tell your spouse or another trusted loved one where your legacy drawer is!

This is also a great time to share specifics they might not be aware of or that have changed over the years. Maybe you’ve changed your medical power of attorney or financial power of attorney. Or maybe you’d like to give your grandmother’s ruby ring to someone else. Keep your loved ones in the loop when these types of changes happen.

Make It Easy on Your Loved Ones to find it in a case of something happening to you. Let a family member know where it is kept.

Getting your fire/ Legacy box ready might seem like a lot to do at first, but once you get going you can knock it out in no time. When you finish, set a reminder in your phone or add a note to your calendar to access your legacy box every six months. Check to see if any documents need to be added or updated.

Your will is one of the most important documents in your legacy box, and if you don’t have one yet, there’s no better time than the present to get started! Check out Mama Bear Legal Forms. Their setup allows you to create your will online in minutes so you can round out your legacy drawer and have a water-tight plan for your loved ones.

Other things to put in the box

Digital media: Your digital must-haves include USB sticks, memory cards and CDs. These items are your physical back-up. And this is especially true if you don’t want your most private data to live on remote servers.

Cash: Life today is debit and credit card-driven. But it’s also smart to keep a stash of small bills on hand. If an emergency calls for quick cash, you’ll be glad you thought ahead and put some aside.

Other valuables: Remember to organize a file with essential information. Include emergency numbers of family members. Have your prescriptions, who your family doctor is and contact info for your pet’s vet, too.

Copies of important Keys.

     Car, House, storage Unit, Parents or family members house, Garage

A copy of your driver’s licenses