How To Be Financially Independent if You Are Left Alone

October 19th, 2007 | Stacey | Financial Freedom, Financial Independence

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Will you be financially independent if something happens to your spouse? Do you even know where the important papers are kept?

If you answer no to these questions, you are not alone but you do need to start preparing for the time you may not have your husband or wife. In many households, one partner does the majority of the bills and the other person may not have reasonable access to the information. Consider the following to become financially independent now so you are prepared for whatever happens later in life:

• Keep a journal with all financial accounts including all account numbers, passwords and contact information along with hiding places of money, stocks, bonds and collections and the combination to any safes. Include where you keep papers such as birth certificates, mortgages, titles and other documents of importance. This list should be held by your attorney or financial advisor.
• Keep deeds, car titles, business agreements, home inventory and any messages you want to leave behind in a bank safe;

• Keep your will, insurance policies, investment information, powers of attorney and instructions for final wishes in a home safe; and
• Keep a home file with statements for insurance policies, bank accounts, investments, credit cards, mortgages and three years of tax returns.

Your attorney should also have a signed will, trust documents and copies of powers of attorney. You will be financially independent in a crisis if you get organized now.