Investor’s column: Here’s how an inventory worksheet can help protect your assets

Some say that Hawaii is paradise. But on one Saturday back in January, the Emergency Alert System put out an ALL-CAPS text message that shook up the islands perhaps more than any volcano could.

The message: Emergency Alert. Ballistic missile threat inbound to Hawaii. Seek immediate shelter. This is not a drill.

The Emergency Alert System sent the message over television, radio and cell phones in Hawaii. It was sent at 8:07 a.m. It caused panic and disruption throughout the state.

A second message was sent 38 minutes later and described the first message as a “false alarm.” State officials blamed a miscommunication during a drill at the Hawaii Emergency Management Agency for the first message.

But what if it had been real and wasn’t a drill?

The atomic bombs of Hiroshima and Nagasaki were lightweights compared to the monsters now available.

Do you move from Hawaii? To where? With Floridians living close to the U.S. military’s Central Command at MacDill Air Force Base in Tampa, we could be toast, too.

Hopefully, that scenario won’t happen.

What could happen: a hurricane devastates our area, your mom and dad die in an accident, the house burns down, or you forgot what you own.

You need a backup plan with an inventory worksheet. Where is your stuff? Who gets your stuff? Give access to trusted people, those who need to know as part of your financial and estate plan.

You should make a written document, an audio tape, or a video recording expressing your wishes and hope for the future.

There is a proverb that says “When an old man dies, a library burns to the ground.”

To protect your will, deed and other paperwork, you need a physical vault or storage in the internet cloud.

Is storage of paperwork in the cloud safe? I don’t know, but I’m guessing your medical records, credit history, emails and so many other things are being stored there as we speak – like it or not.

There are many cloud storage systems, sometimes referred to as an online paper storage vault. My company has a free vault for all clients to use. You can store any paperwork there.

It could be scanned copies of wills, trusts, real estate contracts, birth certificates, death certificates, title to home, monthly bank statements, tax records, passwords, email accounts, etc. The list is endless.

And don’t forget digitized family pictures. They are treasures to protect.

What about your digital assets? You may have accounts with social media, search engines and shopping sites that require user names and passwords to access.

We all have lots of stuff. Who knows where it is and what you would like done with it?

At least get a safe or use a safe-deposit box accessible by your trusted contact people.

If you are wise, set up your vault now. Somebody you trust has to go through, handle and settle your stuff.

I believe that a financial and estate plan is incomplete if not adequately shared with the people who may need to know how to put your plan into action following your disability or death.

This story was originally published April 2, 2018 at 9:20 AM with the headline "Investor’s column: Here’s how an inventory worksheet can help protect your assets."