Don’t neglect your financial information during hurricane season

Posted by Wauchula State Bank on May 27, 2021 12:45:00 PM

If you’ve lived in Florida for any length of time, you know what happens every summer: Hurricane season. Longtime residents know the drill – protect yourself and your loved ones in terms of shelter, safety and supplies.

For a refresher, FEMA (Federal Emergency Management Agency) and the National Hurricane Center have posted some important operational guidelines.

Personal safety of course should remain your number one priority; however, don’t neglect your financial affairs. Ask yourself the following questions:

  1. Are your original estate-planning documents, including your will, securely stored? If stored at home, place the papers in a fire- and water-proof safe, but make sure to share the combination with someone you know and trust. If you use a bank’s safe deposit box, consider putting the box in the name of your trust, so your successor trustee will have access in case something happens to you. Let your successors know when you store the originals.
  2. Have you arranged to receive alerts when your debit or credit cards are used? This can protect your accounts from fraud.
  3. Have you developed strong passwords and secured them? Always use a combination of letters, numbers, symbols and capital letters, and be sure to change your passwords often.
  4. Do you have an adequate number of health care surrogates listed in your health care directives? Do they all have the ability and interest to serve you? If out of state, can they afford to travel to care for you? Did you share a copy of the health care directives document with your named surrogates? Be sure you review your documents with a trust officer or your attorney.
  5. Are you leaving town? Please carry your Durable Power of Attorney, Living Will and Designation of Heath Care Surrogates with you when traveling. Should something happen, you will be prepared, which can remove unneeded stress from you and your loved ones.
  6. Have you pulled your credit report this year to be sure no one is using your credit? Everyone is eligible to get free weekly credit reports through April 20, 2022, from the three national credit-reporting agencies: Equifax, Experian, and TransUnion, who are making these reports free for the next year. To get your free reports, go to Annual Credit Report. We recommend you rotate among the agencies to be sure your report is accurate. Each company is slightly different in what they report.
  7. Are your assets titled properly to ensure your estate plans are carried out? It is important that your beneficiary designations match your wishes. We find that many estate plans fail due to incorrect titling and beneficiary listings. Please review your estate plans with a careful emphasis on your asset titles and beneficiary designations.
  8. Did you register with the local Property Appraiser to secure the title of your home for free? Titles and deeds are public records available from the Property Appraiser in the county where your home is located.

Posted by Wauchula State Bank