Here we are at the end of our 12 Week Check-Up Series! For those of you who have followed diligently over the past few weeks, we hope that you have completed all the prescriptions and made important adjustments to improve your finances.

This week we are encouraging you to wind up the 12 Week Check-Up by organising your financial documents and storing them in a safe place.

If you had a difficult time locating your financial documents during the Check-Up, you will appreciate how taking some time to organise them now will allow you to easily access them when you need to review them again in the future. Organising your financial documents also enables you, or a trusted friend or loved one to easily find them should an emergency occur or the unexpected happen.

What documents should I organise?

The financial records that you would have examined during the Check-Up, including your loan agreements, insurance policies, investment records and pension plans, should be organised. In addition to those documents, you may also include the following*:

• Adoption papers
• Birth certificates
• Business ownership papers
• A list of your financial accounts (including name of institution, account numbers, PINs, etc.)
• A directory of your financial advisers (e.g. lawyer, accountant)
• Powers of Attorney
• Property appraisals, deeds and titles
• Birth certificate and marriage certificates
• Death certificate(s)
• Copies of passport(s)
• Important legal documents (e.g. court order)

* Do note that this is not a comprehensive list.

Where should I store my documents?

Make sure to store them in a safe place, away from loss or theft. Many people purchase safes or rent safe deposit boxes for this purpose. You may also wish to take additional precautions to safeguard them against hazards such as possible water or fire damage.

You can decide to store all your financial documents in one location in your home or in several places. That would depend on the sensitivity of the documents and how often you may need to access them. Whatever you decide, prepare a list that shows where all important documents and assets are stored and share it with someone you truly trust. 

Your prescription for Week 12

• Create an inventory of your important financial documents.
• Organise them and identify a place(s) to store them.
• If you are interested in renting a safe deposit box, talk with your banker and/or attorney.
• On your inventory list, indicate where each item is stored.
• Ensure a trusted friend or family member know where to find your inventory and important documents if and when necessary.