The Hidden Value of Social Security Disability Insurance: Why It’s Important During Benefits Enrollment
Life presents all of us with challenges, including unexpected medical emergencies and health disruptions. So, proactively preparing for a time when you might not be able to care for yourself or your family is critical. If your loved ones have access to your important details and documents, it can reduce the stress on them – and you – when life goes off course
I’ve outlined three organizational steps you can follow to help you and your family prepare for the unexpected.
Step 1: Put Yourself First
If you’re currently stressed, prioritizing the future of your family is hard. When you are happy and satisfied you can wholeheartedly project that energy into the future.
Getting to know the real you with personality tests and emotional intelligence tools is a great place to start when preparing for the unexpected. This will allow you to figure out what makes you tick.
Once you’re in a positive place, then you can really make a significant impact on your future with personal organization. If you’re not a fan of paper and filing cabinets, many online storage options offer impeccable security and safety. Here are some that I like:
Store personal documents such as insurance papers, property records, and financial details in one secure place – and give people you trust access to them.
Step 2: Make a Team Effort
It’s common for couples to designate one partner who manages the finances, insurance, medical information, and so on. Yet, if that person becomes unable to communicate or suddenly pass away, the other is left at a disadvantage. Feeling incompetent in a time of need will only heighten the stress they’re already experiencing.
For this reason, working together to create a viable storage system that you both access is important. This way, you’re both in the know and can quickly put your finger on whatever you need without scrambling through unorganized documents. Also, going through this process together allows you to create a joint plan, which is also great for the relationship.
Not sure which details you should prioritize? I’ve designed a checklist that covers many of the things you’ll need to consider, including:
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- Key contacts
- Banking and investment accounts
- Information on insurance policies (for example, medical insurance, disability and life insurance, renter’s/homeowner’s coverage, auto insurance, beneficiary information where applicable)
- Medical history
- Property information (including titles and rental/mortgage agreements
- Email and social media account information.
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Tip: Consider estate planning. Despite opinions that it’s only for those with a high net worth, you have a right to decide how you want your care handled if you can’t speak for yourself and how you want your assets distributed.
Step 3: Organize Care for Your Dependents
Young children and other individuals who cannot provide adequate self-care should compel you, your partner, and your family to appoint a legal guardian on either a temporary or long-term basis. Although you may already have support from friends and family, putting a plan in place is crucial.
You’re in charge of making the final decision. However, there are certain requirements to follow.
The individual must:
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- Be over 18 years of age.
- Be mentally and physically capable of fulfilling the role.
- Should be financially capable to handle the additional responsibilities.
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On a more personal level, it’s important to think about the values, beliefs, lifestyle, and willingness to take on a guardianship role of the individual(s) you’d like to appoint. In making them a legal guardian, will your loved one experience unnecessary stress and turmoil? If you have a person in mind, other financial planning may be needed to level out the financial burden for the guardian. You will want to consider this now so that you can bookmark additional funds.
When you’ve made your decision, work on gathering and completing the necessary documents.
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