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What is a “Just In Case File” ?

Posted by on July 25, 2013 in News

In the new book release “An American Crisis – Veterans’ Unemployment” by Mark Baird there are two chapters on veterans finances.  One by Jeff Morris & Gregory A. Spencer and one by yours truly.  Jeff and Greg’s’ chapter is full of helpful stories and advice.  My chapter covers living on a “Crisis Budget” and some particle advice for everyday living, they complement each other.

Today I would like to talk about the need to have a “Just In Case File”. Just in case you don’t come home someday everything is in one place for your loved one to go to. I can hear you now saying this guy must be great fun to live with! First he talks about updating your will; having life insurance and now a file for the day I don’t come home. What could be next?

I had a great aunt pass away when I was young. My mother was executor. Other than my aunt having a will nothing else was done. When we cleaned out the house we found bank books behind a dresser, money in the trunk of the car, crazy things.  My job was to search each and every pocket of every piece of cloths which produced hundreds of dollars. I was not smart enough at that age to get a commission. There was jewelry, a gun, and papers everywhere. It took over a year to settle the estate. For years my parents checked the newspaper for unclaimed accounts, who knows what we missed? That left an impression on me.

As I type this blog I have, in a safe place,  a 3”  file with life, auto, homeowners insurance policies, my will, a copy of the content of my wallet,  IRA’s & CD info,  copies of each year end utility/charge card bill, phone numbers, contacts, bank info and more. Every family member knows where to find it.  Hopefully the day is far off but when my wife or children get the call they know exactly where to go to see what my wishes are. Instead of being a time of pain it will be a time of peace. I picture it like this. On the way home from the cemetery my wife will stop at a pet store to buy the cat she always wanted. (I’m allergic, or so she thinks) She will make a cup of tea and sit down at the table with the file and find my letter. I’ll leave out the mushy part but basically it goes something like this:  Relax there is nothing you have to do in a hurry. Here is where the money is, you’re named on every account. Don’t make any big purchases for a year, except the cat.  Here is the life insurance agents name and the policy, you are not rich but if you’re careful it will last the rest of your life, if you overspend you will need to find a new man. J Every credit card and bank account has a little death benefit as a perk, it will add up so take a cruise and enjoy.

What will that day be like in your home if it was you that did not come home today?  If you’re not prepared then you’re in luck. There is a great book titled “Set your house in order” put out by Crown.org http://store.crown.org/product_p/zzsp25855.htm    $14.00 and you’re done, mission accomplished. …..By the way don’t tell my wife about the cat thing. Thanks.

Book Link for “An American Crisis Veterans Unemployment:

http://www.amazon.com/American-Crisis-Veterans-Unemployment-Solutions/dp/0984046232

Link for my web page: http://hirepatriots.com/heroes

Budget Book: http://budgetsthatwork.com

 

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Patrick J. Mellody

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