What will happen if you get hit by the bus

5 Replies

What if you got hit by the bus today

We know the two certainties: Death and Taxes. We prepare for one and pretend the other is never coming. For your family, it always comes too soon. What can you do to help prepare them to cope?

  • 1.I’ve created a spread sheet (I hear the groans) of EVERY account, transaction, contract, important detail, insurance policy, every house, car, asset, liability, credit card, financial relationship, bank accounts, brokerage, accountant, attorney and relationships. Just a snippet of the pertinent details. Actual Docs are stored in Big Red File , see 2 below.
  • For Example it would list, Property x, bought date: Amount, financed with, payments, terms, name of contact, telephone number.
  • a. 3203 A street. 11-4-2010 $149,000 , $650 month, 10years, BOA Bank. , act: 345jwsuu, leased to Jim and sally smith on 12-1-2010 for $800. Month to month. Their cell is 704-123-4567
  • b. Master charge: act. Number xxxx xxxx xxxx xxxx, 800-123-4567
  • c. 2011 Lexus rx7 : vin 23455678901234567, Financed BOA, 8-10-2011, [email protected]$347,
  • d. Car Insurance: State Farm, policy Num. 2s223derrd Agent Steve Smith 704-123-4567
  • If you get hit by the bus today, what does your spouse need to know? What, Who, When and Where and How. Just start with the essentials, ASSEST or Liability, dates, amounts, commitments, account numbers, Contact names, telephone numbers and email.
  • You can edit as needed. Make a backup copy and store offsite; give a copy to spouse, accountant, attorney. Go over the list with your spouse, so that they understand.
  • 2.Create One file folder with all important documents in it. This is my BIG RED FILE, if disaster were to strike where we would go to start to rebuild. Fires, floods, hurricanes. This is the one thing you grab when you flee the house (fire proof safe) or you store it in a safe deposit box, or at your mothers home. It Contains: Titles, Deeds, insurance policies (home, life, health, auto, umbrella etc.), contracts, mortgages, rental agreements. What would you need a copy of if a disaster were coming and you had time to gather up what to take with you: there is your list. A back up of your computer is essential as well.

These two preparations are the greatest Investment-gift you can make to your family. I would challenge you to do this before EOY. The peace of mind from this Investment cannot be measured. 

@Don Harris   Thanks for sharing!  This is something that most people don't think about.  Especially young people.  

@Don Harris   Great post Don.

I am set up with my attorney for a will WITH instructions on accounts and like.  Takes stress of my back.

@Sean T.  , thx Sean. I have as well.  I'm not suggestion to skip the attorney, wills, estate planning etc. I'm trying to simplify it for the spouse as a "what do I do now"?

@Don Harris   I am with you.  My wife and children do not need to think about these things!

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