Financial Document Organization

As I've brought up several times in my blog .. . . I've not been paying attention to my finances and/or maintaining any sort of order, protection, or understanding of my financial picture:

However, that's changing! A large part of the change I am needing to make is making sure that I know what I need to know to be more financially responsible.

One area of this transformation has to do with bringing up to date, and/or maintaining current documentation of all areas that pertain to my financial picture. Based on an outline of document needs that has been outlined by Suze Orman, these are the documents I am currently working on bringing up to date, and organizing in one contained, financial packet.

CREDIT REPORT/CREDIT DOCUMENTS

• Up to date copies of my three credit reports
  
• Photocopies of active credit cards, front and back with 800 service # visible.
  
• Copies of letters closing old credit cards.
  

PERSONAL DOCUMENTS

• Birth Certificates
• Copy of Driver's Licenses
• Passports
• Marriage Certificate
• Child Support Documents

HOME OWNERSHIP

• Deeds
• Promissory Notes
  
• Home owner's Insurance
  
• Co-ownership Property Agreement
• Fire Insurance
  
• Copy of Survey
• Copy of Title Policy
  
• Appraisals/Evaluations of valuable items (jewelry, artwork, etc.)
  

AUTO DOCUMENTS

• Auto Titles and/or Leases
• Auto Insurance Policies
• Auto Loan Documents

INSURANCE DOCUMENTS

• Life Insurance Policies
  
• Health Insurance Card (Copy) Benefits Description
  
• Long term care policy (we don't own this yet, but, need to discuss purchasing. Having watched my mother this is not something we should be without. )
  
• Long term disability policy
  

SOCIAL SECURITY DOCUMENTS

• Annual Social Security statement (supposed to compare W-2's to statement)
  
• Social Security Card/s
• Photocopies of spouses and children's Social Security Cards

RETIREMENT PLAN

• Pension plan summary description, annual plan statement & annual individual pension benefit statemtnt.
  
• Money purchase/profit-sharing plan documents
• Beneficiary designations
  
• Retirement account Withdrawals
  

INVESTMENT DOCUMENTS

• Treasuries/Series I/Series EE/Notes
• Stock Certificates
  
• CD's
• Annuity Contracts
• Stock Option Grant Agreements
• Asset List
• Copies of All Investment account applications and agreements
  

ESTATE PLANNING DOCUMENTS

• Advanced directive and durable power of attorney for health care
  
• Financial durable power of attorney
• Will
• Pour over will
• Revocable Living Trust
• Contracts of funeral or memorial arrangements
• Documentation of prepaid fees to cemetery and/or funeral home
  

TAX RECORDS DOCUMENTS

• Tax returns for past 3 years
• Documentation of home-improvement records
• Documentation of medical expenses
• Documentation of donations to charities
  
• Documentation of investment expenses
• Documentation of employee business travel & entertainment
• Documentation of higher education expenses
• Documentation of student loan interest payments
• Documentation of real estate taxes, mortgage interest, closing costs.
  

Some of these documents I have. . . .somewhere. Others of these documents I need, but don't have. Many of these documents are things that I need to take care of in order to have an understanding of what is happening now and in the future. And, so importantly, several of these documents are things I need to initiate to protect my spouse, family, and myself should anything happen to either my husband or I.

I'm so happy to be able to finally say, I have a Durable Power of Attorney for Health Care, an Advanced Health Care Directive, and Durable Power of Attorney for Finance for both my husband and I. I recently filled out and ordered these estate planning documents on line at www.legacywriter.com for $34 and then went to Michigan 1st credit union and had them notorized.

Although being financially responsible feels like an enormous project, I am committing, in writing, that I will continue to take responsibility for myself and my finances.