Every adult has a variety of critical documents that should be protected. This brief article discusses the importance of having a dependable safe or bank safe deposit box in which to store key documents and even cash in case of a major disaster.
So many of the documents we use in our personal lives days are digital. However, many should be retained as hard copies. These include birth, marriage, and death certificates; Social Security cards; tax returns; passports; and estate planning documents, such as deeds and wills.
Be sure to safeguard these records from physical harm — literally. If you’re going to keep them at home, invest in a safe that’s both fireproof and waterproof. Better yet, consider storing them or copies of them in a safe deposit box at a reputable bank.
You can keep digital documents in a safe or safe deposit box as well. Save them on a password-protected device such as a flash drive or external hard drive and add them to your protected paper files. Of course, you can store digitized documents in the cloud, but it’s a good idea to have “redundant backups” in case the cloud service fails or gets hacked
If you do invest in a fireproof, waterproof safe, consider stashing some cash in it as well. In the event of a major disaster, ATMs may not work, and banks could close for an extended period. Exactly how much you should set aside depends on your risk level and your need for basics such as food and lodging, medical supplies, gasoline, and groceries.
The HoganTaylor Tax Practice
If you have any questions about the content of this publication, or if you would like more information about HoganTaylor's Tax practice, please email Tony Otto, Tax Practice Lead, at jotto@hogantaylor.com. You may also contact Denise Felber, Tax Partner, at dfelber@hogantaylor.com
INFORMATIONAL PURPOSE ONLY. This content is for informational purposes only. This content does not constitute professional advice and should not be relied upon by you or any third party, including to operate or promote your business, secure financing or capital in any form, obtain any regulatory or governmental approvals, or otherwise be used in connection with procuring services or other benefits from any entity. Before making any decision or taking any action, you should consult with professional advisors.
