It is always wise to be prepared for things that might not happen. When Massachusetts residents begin doing some estate planning, experts say they should also consider putting into place a financial emergency kit for their families, just in case. Those types of emergencies could include weather-related events, job losses, health-related events or having to care for an ill family member.
Much like a first-aid kit for injuries, a financial emergency kit should contain some necessary elements, such as copies of those estate planning documents — a will, powers of attorney, health care directives, instructions on how to manage a business for business owners, etc. Copies of any insurance policies, tax information, and documents regarding investments, bank accounts and retirement funds should also be a part of the package. Photos and videos of any assets in the home would also be wise to have in the kit.
If someone needs to get access to places in a hurry, it’s important to include copies of keys in the kit — for the house and for vehicles. And of course, it’s necessary that access be provided to the kit as well in order to retrieve these important things. To round out the kit, include information regarding digital assets, USB flash drives that could contain pertinent information and a way for the estate executor to access funds for emergencies.
A Massachusetts lawyer may be able to offer advice to an estate planning client on how to put together such an emergency kit. It is always best to be well-prepared for situations that might happen. As the old adage says — it’s better to be safe than sorry.