Presented by Jana Darrington FCS Agent Utah County Extension 801 851 8460 http extension usu edu utah Created by Salt Lake County Extension

							 Presented by:
Jana Darrington,
   FCS Agent,
  Utah County
    Extension
 801-851-8460
http://extension.
  usu.edu/utah

   Created by:
 Salt Lake County
     Extension




                    Getting Your Financial
                       Affairs in Order
Adapted From:

Teresa Hunsaker , B.S. FCS Agent, Weber County, USU Extension
Marilyn Albertson, MS, CFCS, FCS Agent, Salt Lake County USU
   Extension
SuzAnne Jorgensen, MS, CFCS, FCS Agent, Garfield County USU
   Extension
Julie Ingersoll, MS, CFCS, FCS Agent, Kane County USU Extension
Susan Cosgrove, Area Family Resource Management Agent,
   Mississippi State University Extension
      LSU Ag Center
      State of Mississippi
      University of Arkansas Cooperative Extension
       Service
      Virginia Cooperative Extension
Background
Are You Prepared?
    What events or situations would
     require you to have a portable
     document detailing your financial
     affairs to take with you out of your
     home?

    Could you get it quickly?
Are You Prepared for Emergencies?

 Natural Disasters
    ◦   Tornado
    ◦   Earthquake
    ◦   Flood
   Fire
   Chemical/Bio Hazard
   Pandemic
   Medical Emergency
   Death of a Family
    Member
Is Your Household Prepared for an
Emergency?
 Do you know what kind of homeowners insurance
 coverage you have and how extensive it would be if
 there be a flood, earthquake, theft, or other natural
 disaster?

 How much medical insurance do you have and would
 it cover a severe illness, disability or hospitalization?

 Do you have a life insurance policy adequate to
 cover needs of your family if you or your spouse were
 to die? If single, do you have adequate insurance to
 cover your bills and other expenses?
  Take a Look at Your Record Keeping

 Do you have important documents stored
  safely?
 Do you know how long to store different types of
  records?
 Do you have files set up for
   Family Records
   Property Records
   Financial Records
   Legal Records
Take a Look at Your Record Keeping

 Do you have a current household inventory?


 Do you have a financial notebook prepared
  for an emergency?
Why Organize?
 Have you ever forgotten to pay a bill
  because you misplaced it?
 Have you ever spent hours looking for your
  insurance policy?
 Do you ever find yourself searching
  through mountains of paperwork for just
  one receipt?
 If you answered yes to any of these
  questions, it’s probably time for you to
  get your financial records in order!
Getting Organized
 Time. Set aside several hours of one-on-one time for you
  and your financial records.
 Space. Find a spot where you can spread out for a while.
 Game plan.
      Place. Designate a specific place to keep your records.
           Financial Binder – contact information & documents
           Filing Cabinet – several years worth of records
           Safe deposit box – valuable or hard-to-replace documents
      Routine. Set a schedule for handling papers and records.
           First Saturday of each month or Last Day of each month
           Decide on a time and make an appointment to keep it!
      Person. If you share finances with another adult, decide
       who will take charge. Keep your partner involved. For
       singles, keep a trusted relative or friend informed about
       your records.
Getting Your Home System Started
 Current Files. Files for records or transactions that
  accumulate during the year. The important files will be
  moved to the permanent file at the end of the year.
      EX: Bank statements, medical records, bills (paid and to-be-
       paid)
      Easily accessible filing cabinet, box, or binder
 Permanent Files. On-going records that are used only
  on occasion, but need to be kept. Update annually or as
  needed
      Filing cabinet, bankers box of records, or Financial Binder
 Dead Storage. Records of uncertain value or those you
  are uncomfortable discarding.
 When Discarding Records, be careful. Many documents
  contain sensitive information. Investing in a cross-cut
  paper shredder is a wise idea to avoid identity theft!
 Discarding Documents
Bank Statements                              Keep for 6 years
Canceled Checks relating to tax deductions   Keep for 6 years
Contracts                                    Keep until Updated
Credit Card account numbers                  Keep until Updated
Home purchase & improvement records          Keep as long as you own property
Investment records                           Keep for 6 years after tax deadline for year of sale
Loan agreements                              Keep until paid in full
Real Estate deeds                            Keep until transferred
Receipts for large purchases                 Keep until sold or discard
Service contracts & warranties               Keep until expiration (unless part of taxes)
Tax returns                                  Keep 6 years from filing date
Vehicle titles                               Keep until sale or disposal
Will                                         Keep until Updated
Insurance records                            Keep until Updated
Record of Important Papers
 Knowing what you already have can help you
  decide which important papers you will need to
  start organizing and/or updating.
 Fill out the Record of Important Papers
  interactive form and save it to your computer's
  hard drive. (http://extension.usu.edu/utah/htm/family-finance)
 Be sure to update the information at least once a
  year
 What to Keep, Where, and for How Long? (click on
  link to open PDF document)
Financial Information Binder
 Why?
   Provides a quick reference to your entire financial
    situation.
   Readily available personal, medical, & financial
    information for you or someone else to manage
    your affairs if you are unable to do so.
 Update a Financial Information Binder annually
  and whenever a significant change (such as a
  birth, death, marriage, divorce, relocation,
  purchase or sale of assets, etc) occurs.
What you need
 Sturdy 3-ring binder.
 At least 16 index dividers. You will label the
  dividers with the titles of your Notebook items.
 Plastic page protectors.
 College-ruled notebook paper.
Activity…
 On a piece of scratch paper or note paper,
  please write down all the telephone numbers
  of people you would call in an emergency.
 What numbers do
  you think it would
  be important to
  have?
Suggested Binder Items
 Personal Directory. People who should be
  notified in case of death, incapacitation, or any
  other emergency.
 Professional Directory. Medical, business, legal,
  religious, professional contacts.
 Financial Information. Information related to
  your checking/savings accounts, wills, trusts,
  loans, investments, credit cards, etc.
Suggested Binder Items
 Goals List. Short, medium, & long-term goals
  can be listed here.
 Personal Property Inventory. Should include all
  personal property that you own. This
  information is used for net worth statement and
  for insurance purposes. Take photos and list
  estimated worth where possible.
     Break it into steps, rooms, or assign to family
      members so it isn’t too much at one time.
Suggested Binder Items
 Net Worth Statement/Income-Expense
  Statement. Include all assets and liabilities.
 Budget/Special Expenses. Annual spending
  plan, cash flow statement.
 Loan Papers. All agreements you are in
  currently.
 Income Tax Information and Documents. All
  information that will be necessary when filing
  your taxes.
 Rental or Lease Agreements. All agreements
  you are in currently.
Suggested Binder Items
 Insurance Policies. Types of policies, company
  names, and policy numbers.
 Social Security Benefits Statement.
 IRA or 401K statements.
 Birth Certificates, Immunization Records,
  Social Security Cards. If these items are not
  stored here, list where they are so you can find
  them when you need them.
Suggested Binder Items
 Credit Report. You can get a free credit report
  once a year, so keep your most current copy here.
  Shred the one you’ve replaced.
 Paycheck stubs. Keep track of how much you
  have earned by keeping your check stubs
  together.
Other suggested Items to Add:
 Cash in waterproof bag
   Bills & rolls of quarters
 Valuable photos & negatives
   in waterproof bag
 Contact Info for:
      Credit card companies
      Clergy
      Repair contractors
Other suggested Items to Add:
 Most original documents should be
  kept in a safe deposit box or at
  another location
 Copies of…
   Homeowners,    auto, flood, renter’s
    insurance policies AND policy
    numbers
   Health, dental, and/or prescription
    insurance cards & numbers
Other suggested Items to Add:
 Copies of…
   Medical    History
       Illnesses, surgeries, diseases
   Important    prescriptions
     Medicines
     Eyeglasses


   Children’s    immunization records
Other suggested Items to Add:
 Copies of…
   Deeds
   Titles
   Wills&/ trust documents
   Durable power of attorney
   Healthcare directives
Other suggested Items to Add:
 Copies of…
   Stock   and bond certificates
   Home inventory
   Birth, death, adoption and marriage
    certificates
   Passports
   Employee benefit documents
Other suggested Items to Add:
 Copies of…
   First two pages of previous year’s
    federal and state income tax returns
   Military service records
Include
 Back-up of computerized financial
  records
 Keys to safe deposit box
 Combination to safe
 Labeled photos of family members
  and pets
 Negatives/disks of irreplaceable
  photos
Include
 User names, passwords
 List of debt obligations with due
  dates, contact information
 Photocopies, front and back, of all
  credit cards
List of Important Numbers
 Social Security (keep original card
  here or in safe deposit box)
 Bank account
 Loan
 Credit card
 Driver’s license
 Investment account
Digital Files

                 Scan your documents
                 Store on flash drive
                 and CD
                   Ifyou use a flash drive,
                    always back up on CD
                   NOTE: Computer files
                    are not 100% safe;
                    always have a back-up
Be Prepared for Disaster


                      Assemble an
                       Evacuation
                    “To-Go” Box… or
                        Financial
                   Information Binder
Assembling “To-Go” Box

 Step 1
  Place items in folders or
   envelopes
  Place in sealed, waterproof
   plastic
  Store in durable, sealed box
      Fireproof & waterproof is
       recommended
Assembling “To-Go” Box

                Step 2
                Store box at home
                in SECURE
                location easy to
                access
Assembling “To-Go” Box
Step 3
 If you must evacuate grab
 box and take it with you
   Keep   box with you at all
    times
   Do not leave box
    unattended in your car
Update “To Go” Box
 Review annually
 Update
   Add or delete as
    needed
Planning & Preparation




    Can prevent the unexpected from
    becoming a harsh financial reality
Additional Preparedness tips…

72 hours kits—maintained and
 reviewed—grab your “to go”box
 and your kit together.
Car kits for travel emergencies.
Carry-on kits for airplane travel
 emergencies.
Airline Carry-on Kit Contents

 Cell phone charger/important numbers
 Emergency ID card
 Cash
 Moist towelettes/kleenex
 Carry some food for backup
 Drinks—buy once you get through security
 Change of clothing/personal hygiene
 Mylar blanket
 Mark your luggage so it stands out
Sources of Information

 American Red Cross
 FDIC—for financial document info
 EDEN—Extension Disaster Education
  Network
 www.ready.gov from Homeland Security, or
  1-800-Be Ready
 www.beprepared.com
 www.cdc.gov
Utah State University is an affirmative action/equal opportunity institution.