Tips to Organize Your Legal, Financial, and Insurance Documents

Organize Your Important Documents

No one wants to spend time on the task of organizing documents. What you may not realize is that you’ll have to tackle this unpleasant task at some point. Doing it now rather than later on as and when the need arises is highly beneficial. Leaving it to the last minute sucks up energy during an already stressful situation. According to statistics, billions of dollars are left behind in retirement accounts because people simply haven’t organized the documents needed to make their claims. The truth is there are millions of dollars unaccounted for because of the failure to organize legal, financial, insurance, and other relevant documents.

You didn’t put these lucrative plans in place only to mess them up with unorganized documents. It is time to keep your documents organized.

Here’s how you can start organizing your important documents.

First, make a list of the relevant documents you need to find and keep. These documents include:

  1. Collectibles: Maintain relevant photos, appraisals, and receipts.
  2. Insurance: Life insurance, health insurance, long-term care, and other existing active insurance.
  3. Tax: Tax returns and supporting documents.
  4. Education: Certificates, transcripts, diplomas, etc.
  5. Medical: Medications, allergies, operations/procedures, physicians.
  6. Legal: Contracts, marriage certificates, divorce certificates, business and professional licenses, etc.
  7. Financial: Bank accounts, annuities, stock/bond certificates, and brokerage accounts.
  8. Retirement: Retirement accounts, trusts, and pensions.
  9. Estate: Wills, powers of attorney, trusts, and relevant legal instructions.
  10. Property: Mortgages, appraisals, liens, lines of credit, property deeds, auto/boat/plane titles.

Organize these documents in a logical and detailed way so that other people who may have to access the records can easily find the relevant documents. Your organized documents help your family with insurance claims, disbursement of funds, and whatever else may be necessary upon your death. As a rule of thumb, always have duplicates of these organized documents in several places. You can place them on your desktop, in the cloud, on a flash drive, or in your safe. Duplicate these files across many places that are safe.

Make routine arrangements to update and remove whatever files are no longer necessary. Except when destroying a file is a safe option, you must keep all your legal, financial, and insurance documents organized. Whether you think they might be relevant or not, the best practice is to keep them safe. Always disclose to a trusted person how to access these files in the event of your demise.

Millions of dollars have been left unclaimed because of the absence of relevant documents to validate claims. You didn’t set up various legal, financial, and insurance plans to finally leave your family vulnerable. For peace of mind, organize and maintain these important documents. It is in your best interest to do them now, well before the need arises. For your insurance needs in Phoenix, Arizona, contact the professionals at American Premier Insurance. We are ready to get you reliable coverage.