Have you ever lost your wallet? It’s not fun. Maybe you lost a few dollars. Maybe you were able cancel your bank and credit cards before somebody went shopping at your expense. Only after you have been able to take care of the immediate banking issues does reality begin to set in – your drivers license was in that wallet. A birth certificate. SIN number. BC Healthcare card. Approximately 14 different rewards cards for various retailers, gas stations, and grocery stores. All of these need to be replaced, some a higher priority than the others. Where do you begin?
Now imagine this scenario on a larger scale – all of your personal and financial information. Emergency contacts. Passport numbers. Mortgages. Bank accounts. Line of credits. RRSP. TFSA. Savings accounts. Insurance policies. Car insurance. Property insurance. If it is this difficult to track everything on your end, imagine how hard it would be for a loved one or trusted individual who may need to access this information in the event of an emergency!
It’s impossible to consolidate all of your accounts under one roof, but there is no reason why you cannot consolidate ALL of your information into one document. This can be called an estate directory. An emergency checklist. You can create one yourself in Excel, or you can use a template such as the one here prepared by Transamerica Life Canada.