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Estate planning as a part of disaster planning

On Behalf of | Dec 6, 2018 | Estate Planning

What if the unthinkable happened? All of a sudden, almost everything that the Colorado resident spent years acquiring disappeared in an instant. While this may seem like a far-fetched idea, it is reality for some individuals. Natural disasters, accidents and other events can take one’s life and change it forever. While this may not be likely to happen, it is something to be prepared for and addressed as a part of the estate planning process.

The first step is to decide the best way to secure information. Some decide to keep copies of passwords, account numbers and other important information in their possession. This information may be stored in a purse or wallet. Others may decide to leave this information with friends, family or even in a locked box. In any event, the necessary information can be retrieved if and when it becomes needed.

In addition to passwords and account numbers, one will also want to have copies of financial and legal documents. For example, it may take several days to determine exactly what should be covered by insurance policies. However, if the individual has a copy of the policy readily available, the future may appear to be less uncertain. Additionally, copies of tax returns, wills and other necessary documents can make rebuilding one’s life less a little less stressful.

The future is uncertain for everyone. However, by planning for the unthinkable, the Colorado resident can be prepared just in case. Experienced legal counsel and the estate planning process can assist the individual in making sure that these areas of concern are addressed.