A Gift for Your Spouse

Question: What should I give my spouse for Mother’s Day or Father’s Day?

Answer: How about giving your spouse some peace of mind by giving her or him a RED NOTEBOOK?

A RED NOTEBOOK is a collection of important family financial information housed in a large, bright red 3 ring binder. We suggest using a RED NOTEBOOK simply because it is easily to recognize and find.  A good place to keep the RED NOTEBOOK is in your bedroom closet, where it is easily accessible, but out of the way of prying eyes. Go to an office supply store and buy the  largest bright red binder in stock; twenty or more tabbed dividers, and  a supply of plastic sheet protectors.

Your family’s RED NOTEBOOK should at a minimum contain the following tabbed categories:

1. Family Advisors: attorney, accountant, financial advisor, banker, insurance agent, etc.
2. Records Locator: Your RED NOTEBOOK should contain copies of essential documents, and the Records Locator section should clearly indicate where the originals may be found, such as safe deposit box, file cabinets, computer, etc.
3. Safe Deposit Box Information: This section should tell where the safe deposit boxes and the keys are located, along with  a detailed list of contents.
4. Emergency Instructions: This may very well be the most important part of your Family’s RED NOTEBOOK. Both spouses should write detailed instructions about what to do in the event of a family emergency, such as death, illness, disaster, etc. Your instructions should contain information about obtaining emergency cash for living expenses, people to contact, people to seek for help, and also people to avoid.
5. Funeral Instructions: Each member of the family, including children, should write detailed instructions of how they want to be remembered. The wording of the obituary, choice of music, pall bearers, type of service, etc. are highly personal choices that should not be left to the emotions of the moment. Cemetery plot and pre-need funeral arrangement information also belongs here.   
6. Copy of Wills and Trust Instruments.
7. Copy of powers of attorney, living will and advance health care directives,  birth and death certificates, adoption information, etc.
8. Copy of deeds to real property, and mortgage documents.
9. Employee Benefits: Information and current statements for 401(k)s, profit sharing and pension plans, group insurance benefits, etc.
10. Personal Investments: Information on brokerage accounts, mutual funds, IRAs, annuities, etc.
11. Life Insurance: Copies of policies.
12. Property and casualty Insurance: Copies of policies.
13. Income Tax: Copies of last 2 years’ returns and information on location of tax records.
14. Bank accounts.
15. Debt and Credit Card Information.
16. Personal Financial Statements.
17. Businesses: Information on family owned businesses, such as buy-sell agreements, partnership agreements, corporate documents, etc.
18. Veterans’ Benefits
19. Medical Information: Medical history for family members, health and long term care insurance information, etc.
20. Miscellaneous. 

By giving your spouse a RED NOTEBOOK, and keeping the information current, you are sending a clear message that says: “I love and honor you and want to protect you from the threat of financial uncertainty if something suddenly happens to me.” You could not give a finer present for Mother’s Day or Father’s Day. A RED NOTEBOOK makes a wonderful  present for grandparents and adult children, too!