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You Need a Financial Emergency Plan

Last Updated: June 11, 2019 BY Michelle Schroeder-Gardner - 3 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

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Do you have a financial emergency plan? 84% of families don't have their needed legal documents and Bloomwell is changing that. Here's my Bloomwell review!This financial emergency plan post is sponsored by Bloomwell.com, an online legal document company that makes it easy to protect your family. All opinions are 100% mine, like always. Bloomwell.com helps families protect their loved ones with top quality family legal documents like wills, medical consent forms, and other family-focused necessities. 84% of families don’t have their needed legal documents and they are changing that.

As I discussed in the blog post Do You Have An Emergency List For Your Family?, everyone family needs a financial emergency plan.

I know there are many, many families out there who would be very lost if something were to happen to the person who usually manages their financial situation. Accounts could get lost, bills may be forgotten about, and more.

This is something even I am guilty of, as I am in control of nearly our whole financial situation.

However, I know that this is a big problem and can lead to even bigger problems if something were to ever happen to me.

I believe that it is a good idea to keep a financial emergency plan of everything just in case something were to happen, even if it’s something no one ever wants to think about. Having one just makes life so much easier.

To create a well detailed financial emergency plan, you’ll want to collect all important documents, bills, usernames and passwords, and so on.

You might miss one or two, so it’s best to go through these accounts as you pay your bills as well so that you can make sure everything is included. Also, don’t forget to keep everything up-to-date as information can change over the years.

Your financial emergency plan

Some accounts, bills, etc. you may want to record include:

  • Bills directly related to your home, such as your mortgage or rent, gas, electricity, TV, internet, sewer, trash, water, and so on;
  • Life insurance information;
  • Health insurance along with any important medical information such as doctors, medications, illnesses, etc.;
  • Home insurance along with information related to property taxes, important documents, and so on;
  • Car insurance and car registration information;
  • Debts such as credit cards, student loans, etc.;
  • Social security cards;
  • Copies of driver’s licenses;
  • Death certificates (hopefully you don’t have any of these, but if you do then you want to keep them safe);
  • Will and/or trust papers;
  • Income information, such as if you have passive income that comes in;
  • Tax information such as recent tax returns;
  • Safety deposit keys;
  • Bank, savings, retirement, and investment accounts;
  • Birth certificates;
  • Passports;
  • Phone numbers, usernames, and passwords

 

Bloomwell review

If you don’t have a financial emergency plan, I recommend looking to Bloomwell.

Here is information on Bloomwell directly from them:

“Bloomwell offers highly customizable family legal documents that are state specific and tailored to different family needs and situations. Further, we enable people to customize their legal documents based on their personal beliefs and to honor those beliefs. We also built certain documents, such as the Will and Trust, to provide for simple or complex charitable giving, as that is important. We offer an annual subscription that provides unlimited access to the mostused family legal documents, that cover situations from the everyday to “in case of emergency” for children, adults, and pets. The subscription also includes secure cloud storage, with bank-level encryption, and unlimited revisions for your documents. For those only wanting to purchase one document, we do offer the documents individually.”

Bloomwell.com is a great place to head to for family legal documents. They make it easy, and you can get everything in one place for things such as:

  • Will
  • Living Trust
  • Financial Power of Attorney
  • Child Medical Consent
  • Pet Trust
  • Health Care Directive
  • Domestic Partnership Agreement

And more!

For example, you definitely need a will. You probably know that, but haven’t even made the first step to changing that. You need a will because you can control how and to whom your property and belongings are given. Even if you don’t have children, you’ll want to create a will. I don’t have a will yet but it’s something that me and my husband are adding to our to do list because we know how important it is to have one.

And, Bloomwell makes it possible for you to create a will so that you can complete your financial emergency plan.

 

Why you need a will from Bloomwell.

Bloomwell provided me with a sample problem and solution to share with you to show how important family legal documents are.

The problem: My Family’s Financial Vulnerability Worries Me a Bit

The solution: Create a Will

If you have ever experienced anxiety around your family’s well-being, then you will probably want to create a Will. They are not difficult to create, and they are extremely important for any and every single person.

A Will will help to:

  • decide how your assets are distributed;
  • choose someone you trust to distribute your assets according to your wishes;
  • provide for your children;
  • choose who raises your children;
  • choose your funeral and burial preferences;
  • distribute sentimental items and family heirlooms to those that will appreciate them most; and
  • provide gifts to the charities you care about.

As you can see, there are many, many positives of having a Will. Yet, only 50% of Americans actually have one!

With Bloomwell, you can create a will in just 15-30 minutes online.

Do you have a financial emergency plan? Why or why not?

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3 Comments
Filed Under: Budget Tagged With: Budget

About Michelle Schroeder-Gardner

Michelle is the founder of Making Sense of Cents, a blog about personal finance and traveling. She discusses how her business has evolved in her side income series. She paid off $40,000 in student loans by the age of 24 mainly due to her freelancing side hustles. Click here to learn more about starting a blog!

Comments

  1. Dagne Goodwin says

    January 5, 2017 at 12:23 pm

    Great information! Thank you.

    Reply
  2. Emenike Emmanuel says

    January 5, 2017 at 5:00 pm

    Hi Michelle,

    I don’t know Bloomwell but your review about them is such an amazing one.

    Reply
  3. Amanda-LivingFullyandFree says

    January 8, 2017 at 8:35 pm

    My husband and I have been wanting to write a will for several months now. I’ll have to check bloomwell out.
    Thanks for sharing!

    Reply

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My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.

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