Without one of the important documents and information in this binder, your loved ones may not know where your accounts are held or how you would want your estate handled. Couples and single adults might consider building them, too. She could also quickly locate his life insurance policy and file a claim, so she and their children would be financially protected as soon as possible. With this binder, she had access to account passwords, account numbers, contact information for their lawyer and accountant, all their investment and savings account info, and even a list of his old law school buddies (who would want to know if he died). She didn’t know which investments they held or how to access them wasn’t familiar with managing their insurance and mortgage accounts and didn’t even know which company held his life insurance policy.Īn emergency binder was the perfect solution, allowing him to leave his wife with all the tools she might need in his absence. He managed his household’s finances and realized one day that if he died, his wife would have no idea where to turn. I first heard about an emergency binder from a trusted financial colleague. No matter what you call it or how in-depth your binder is, the concept remains the same: it’s a road map for those you would leave behind. You may know this binder by other names, such as a family emergency binder, legacy binder, estate-planning binder, just in case binder, death binder, etc. This binder typically includes a range of financial and personal documents intended to help your loved ones manage the household and your assets in your absence, whether temporary or permanent. Why an emergency binder is so importantĪs the name implies, an “in case of death,” or ICE, binder serves as a guidebook for your loved ones if you were to suddenly die, fall ill, or be injured.
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