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A Financial Binder… (boring, I know)

August 19, 2011

This morning I spend a few minutes reading this blog post about a guy who is taking care of his aging mother’s finances as she goes into an assisted living situation. I wasn’t as interested in the details, since my parents don’t age and will never die. But A thought crossed my mind as I read about this guy’s efforts to track down his mother’s financial information. Things would be a lot easier if all of her financial information was in one place.

I’ve read about these before (I can’t recall where) and have always thought, in passing, that they were good ideas. Let’s say that I die today. I probably won’t, but if I did, I’m not sure my sweetheart knows the details of each of our accounts. She probably doesn’t know the user names and passwords of each of our online accounts (bills, banks, etc.). I’m not even sure she knows the login details of our Mint account. So I think I’m going to take some time this fall/winter (when I can’t be outside) and put together a Financial Binder that has all of that stuff. Just in case.

Security: I think this is an issue. If someone broke into our home, they probably would be a little letdown at the items that are available for stealing. But, if they found this binder, we’d have quite a problem. So, hiding/securing it is a big deal. Once I get it done, I’ll need to determine where to put it. Bank safety deposit box? I’m not sure what they can hold. A safe in our house. Not a bad idea. I’ll still need to figure that out. Any ideas?

Update:

After a little searching, I found that the USU Extension had a decent document that would help someone put together one of these binders. I am going to use it as a template, but I have a few other ideas that I’d like to add. I’ll update you when I get mine completed (give me a few months). Here’s the “PREPARING YOUR PERSONAL/FINANCIAL INFORMATION BINDER” document. Also, here is another handout that the extension must be using during classes on this subject.

Another update:

Ok, here is the google link I used to search this out. There is a ton of info. Rather than create links to all of it, you should just follow the google search link.

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2 Comments leave one →
  1. August 19, 2011 3:03 pm

    Dude, are you sure you want to wait until winter? You know what I feel about your procrastination. 😉
    Also, I finished Ender’s Game. It was brilliant. I went old-school and was reading it by the light of my phone in a hotel room while the rest of my family was asleep. I couldn’t stop, which I’m sure isn’t healthy…

  2. August 19, 2011 9:35 pm

    Great idea about getting info together and informing your sweetheart while thinking about security issues. You old parents, who are not going to die, think about these issues too. Don’t want to leave a bunch of loose ends for ya…..

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