The NFO and I are the appointed guardians in the event of a disaster for some of our nephews and nieces.
Hopefully, we’ll never take on that role.
However, one of the conditions we’ve laid down for the parents of these children is a “break glass in case of emergency document.”
It’s a list of all of the financial information of the family. EVERYTHING.
I keep it in the safety deposit box, but the last thing I figure we need in a terrible moment like that when we are consoling distraught children is to try and figure out how to sell the house or claim the life insurance, etc.
It takes work to put together, but I recommend that everyone do this and share it with a trusted family member.
Then, update it annually.
Yes, a pain, but it’s the same idea of why you buy insurance…hopefully, you’ll never need it.
BTW, I’m going to ask them to all provide the healthcare directive/quality of life directive as well in their next annual revision.
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