| Everyone will at sometime in their life have an | | | | identifying documents for all of your family |
| emergency. It may be divorce, sickness, death, | | | | members. Collect account numbers, addresses, |
| unemployment or some other sad moment, but | | | | emergency telephone numbers, signatories |
| for sure at these times you will without doubt | | | | addresses, lawyers name and all other personal |
| need some emergency money. | | | | and important documents. Make a copy of |
| If we know that at sometime in the future, we | | | | everything and store the originals in a safe place. |
| will be hit by such a terrible moment, does it not | | | | 3) Discuss with your family, what to do in case of |
| make sense to get ready for it with and | | | | emergency. Appoint someone to look after the |
| Emergency Action Plan? | | | | family affairs in case anything happens to you. |
| It does not matter if you are rich or poor at | | | | Involve lawyers and accountants in the plan as |
| sometime you will need extra cash - even if it is | | | | your family may incur huge tax bills if you leave |
| for the downpayment of your new Aston Martin! | | | | them property and other assets in wills. They are |
| So what is an Emergency Action Plan and what | | | | going to be struggling emotionally so no need to |
| are the 3 essential parts to the plan that you | | | | burden them with financial problems too. |
| need to put in place? | | | | This does not need to take long and should only |
| An Emergency Action Plan is a pre-prepared | | | | incur minimal costs with your legal representatives. |
| document that allows you and your family to be | | | | All the original documents should be stored in a |
| ready for emergency. In this article I am referring | | | | fire proof safe or with a bank safety vault. |
| to Financial emergencies, but in actual fact, you | | | | Obviously give the details of the boxes to |
| should have an emergency action plan for other | | | | someone else, just in case you are not around. |
| situations as well. | | | | It would also be a good idea to store some |
| So here are my 3 steps to putting together your | | | | emergency money in the safe just in case you |
| Emergency Action Plan: | | | | need it. |
| 1) Make a list of all your assets, loans, jewelry, | | | | Obviously this is only the tip of the iceberg when |
| businesses, stocks and shares, debts, money in | | | | it comes to protecting your family and loved |
| banks and any other financial elements in your life. | | | | ones, but it is better to have a small plan than |
| Do not forget to include debts and liabilities as well | | | | none at all and as time progresses you can allow |
| as assets. | | | | the Emergency Action Plan to grow. |
| 2) Gather all essential documents, photos of | | | | Do not forget that you may need, at least once |
| valuables, passports, birth certificates, copies of | | | | a year, to update the Emergency Action Plan. |
| dental records and fingernail prints and other | | | | |