Dave Ramsey says: Organizing ‘legacy drawer’ helps all in family emergency
Oct 27, 2020, 10:45 AM
(Unsplash Photo)
(Unsplash Photo)
Dear Dave,
A friend recently told me about you and your teachings about money.
While we were talking, she mentioned something called a “legacy drawer” for important papers. Can you explain more about this?
— Anna
Dear Anna,
Simply put, a legacy drawer is a collection of your essential documents in a safe place where your family and loved ones can find them when you die, or if you’re sick or disabled.
It doesn’t have to be a drawer, specifically, just a safe, secure place where you keep all the pieces of your financial life — your will, living will, estate plan, investment statements, insurance policies, and property deeds.
You should also include stuff like power of attorney documents, bank and lock-box access information, and any other instructions for and information about your last wishes and what you leave behind.
The stress and grief when someone becomes seriously ill or dies is bad enough. Don’t make it any harder than it has to be by leaving your finances and other essentials in a mess!
— Dave
