IMPORTANT DISCLOSURE INFORMATION
The following presentation by New England Capital Financial Advisors, LLC (“NECFA”) is intended for general information purposes only. No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from NECFA or any other investment professional of your choosing. Please see additional important disclosure at the end of this penetration. A copy of NECFA’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at www.newenglandcapital.com.
Life Happens, Be Prepared
During your meetings with us here at New England Capital we usually spend a bit of time talking about your income and expenses; sometimes we get into more detail working with a cash flow worksheet but today I’d like to take that one step further and talk about something incredibly important, but often overlooked – ensuring that your financial information, internet passwords, and bill payment details are securely stored and accessible for your spouse or loved ones in the case of an unfortunate event. This topic came to the forefront when I recently had the pleasure of hearing Lee Woodruff speak at the Financial Planning Associations annual conference.
She and her husband, Bob Woodruff, co-authored a book titled “In an Instant.” You may remember back in 2006 Bob Woodruff was a co-anchor for ABC’s World News Tonight and traveled to Iraq on assignment. While embedded with the military he suffered a traumatic brain injury from a roadside bomb. The book chronicles their time through this tragedy.
One key point that caught my attention was the need to have someone go into their home and search for important information such as their financial advisor, attorney and information regarding their bills and bank accounts. She discussed having a red folder with this information contained inside, but I am going to discuss a few other secure options.
First, let’s talk about the importance of having a secure place to store your financial documents. This could be a physical lockbox, a fireproof safe, or a secure digital storage solution. These documents include bank account details, investment information, mortgage paperwork, and any other financial records that your spouse would need to access.
Next, internet passwords. In our digital age, nearly everything requires a password, from online banking to social media accounts. I highly recommend using a password manager. A good password manager securely stores all your passwords in one place and allows you to share access with your spouse. This way accounts can be easily accessed if needed, without compromising security.
Lastly, let’s not forget about how you pay bills. It’s essential to document your bill payment process. This includes listing all the bills you pay and how you pay them, whether it’s online, by check, or through automatic deductions – and when they are due. Make sure your spouse knows where to find this information and understands the process.
In my household, my husband takes care of paying our bills. We talk and review our finances on a monthly basis, but this led me to think, “I know where all of our money goes, but I don’t know all the websites and log in information, in the event that I would need to pay the bills”
Here is a quick checklist to help you as well as me get started:
- Securely store financial documents: Use a lockbox, safe, or digital storage.
- Organize and share passwords: Set up a password manager and share access with your spouse.
- Document your bill payments: Create a list of bills, payment methods, and due dates.
Taking these steps not only protects your information, but also gives you and your loved ones peace of mind. It ensures that if something were to happen, your spouse can seamlessly take over without added stress.
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by New England Capital Financial Advisors, LLC [“NECFA”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from NECFA. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. NECFA is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the NECFA’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.newenglandcapital.com. Please Note: NECFA does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to NECFA’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a NECFA client, please contact NECFA, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.