ContentDesk) September 5, 2005 — Our hearts and prayers go out to those affected by Katrina. Many are fortunate to have escaped with their lives. It shows us all once again that there are many things that are more important than money. That being said, it is important that we be prepared financially should such a disaster affect us. Read on to learn how.The financial impact on the lives of those displaced by Katrina cannot be overstated. There are three stages of need in such situationsthe immediate, the temporary and the long-term.

The first thing you should do to financially prepare for disaster is to have copies of your important legal documents in a safe place other than your home. This includes copies of your Will, Trusts, Powers of Attorney, and Living Will but also insurance policies, titles to vehicles, Social Security and health insurance cards and real estate deeds. As a service to my clients, I store these electronically so they can be accessed anywhere at any time. These are essential documents that may be needed in an emergency and will be invaluable should you bear a catastrophic loss.

When the power is out you can’ t use a credit card. If essential supplies are in great demand they will sell to the highest bidder. I recommend a fireproof/waterproof safe be used to protect this cash in your home. I know of people who have built such safes into the concrete foundation of their house. In emergency situations, cash is king and can make the difference between being caught in the path of the disaster or fleeing to safety.Third, it is important that you are able to access your investments should you need to use those funds to aid your recovery.

Pages: 1 2 3