A personal financial organizer is a way to organize and contain your sensitive financial documents all in one place, making it easier for your loved ones to locate necessary documents upon your passing. Items commonly found in a personal organizer include information pertaining to investments, insurance policies, wills, medical, dental, and legal information. Also included are important numbers and addresses and the location of information and pertinent documents. Once you have your organizer complete, where is the safest location or locations to store it?

Home Safes

Safes come in many shapes, sizes, and materials. Experts recommend a small, fireproof safe that can easily be hidden. Be sure to store the safe away from your office or desk as these are the first places that someone who wants to steal your information may look. Also, remember that someone can carry away your safe if it’s small enough. But when you want to keep documents at home, investing in a fireproof safe is one good option.

Safety Deposit Boxes

Another great storage resource is an insured safety deposit box at a local bank. Before choosing to use a safety deposit box there are several things to consider. If you would like access to the documents frequently, having to trek down to the bank each time may become a nuisance. Also, you have to keep in mind that you can’t access the box after hours or on weekends or holidays. In addition, consult an attorney about storing an original will and other documents in a safety deposit box as some states don’t allow access after a person dies. Safety deposit boxes are usually sealed at your death so it’s best to keep copies somewhere else and accessible to loved ones. Be sure your Power of Attorney, executor, and/or trusted survivors know the location of the box and have a key. Nevertheless, when looking to store such valuable financial documents, a safety deposit box provides just that-safety.

Digital Storage

In this age of digital dependence, it is worth looking into storing your financial records digitally. There are several options. You can scan your personal financial organizer and save the information to a flash drive or USB stick then lock it away. This may be safer than storing directly onto your computer’s hard drive as unknown people can break into your computer and easily find very sensitive financial information not meant for their eyes. Another trend that is quickly taking hold is Cloud storage. As long as you have internet access and a tricky password no one else can guess, you can store digital files safely on this virtual storage system. Companies like Google offer cloud systems offering access to your documents anytime.

With Lawyers and Financial Advisors

You can also choose to keep copies of your documents with your Power of Attorney, executor, attorney, or financial advisor. You may also choose to give each of these individuals access to your Cloud-based storage system. This would include providing them with your passwords and written authorization,  enabling them to access your documents instantly in the event they can’t get to the physical location where your documents are stored. Always consult your attorney or financial advisor before providing them with copies of your personal organizer.

To ensure your personal financial organizer is safe, you can use a combination of these storage systems. You can keep copies in your safety deposit box and also in a home safe and/or digital format. Choosing to disclose location information of your documents to a close friend or family member will ensure the necessary financial documents can be found if needed.

About Caldwell Trust Company

Caldwell Trust Company is an independent trust company with offices in Venice and Sarasota, Florida. Established in 1993, the firm currently manages over $820 million in assets for clients throughout the United States. The company offers a full range of fiduciary services to individuals, including services as trustee, custodian, investment adviser, financial manager and personal representative. Additionally, Caldwell manages 401(k) and 403(b) qualified retirement plans for employers.