STORY BY

Karen Krakower

Last of a Three-Part Series:
“How to Avoid Financial Loss”

Conditioned by our moms, schooled on bridal magazines and powered by blind faith, few women include their CPAs, attorneys or financial planners in their wedding parties.

Though we might have cut our teeth on the Women’s Movement and now are corporate CEOs, we still might not be the financial designates in our own homes. We might not have even a passing knowledge of the whereabouts of our mortgage statement or deposit box—until disaster strikes.

Then suddenly, under the most extreme duress, we can’t answer the most basic of questions about his life insurance policy, or worse, if there even is a policy.

Women who firmly divided up “male” and “female” responsibilities may have a logistical nightmare ahead of them. “Even young women with successful careers may never have paid a bill, or know where their accounts are kept because that just wasn’t their job in the marriage,” says psychiatrist Nurun Shah of the University of Texas Medical School at Houston.

“This is no different than a man who loses a wife and has never called the children’s doctor or visited the kids’ school,” Shah says. Though it might not have been on our official duty list, our livelihoods might depend on some preventive information sharing.

What You Need to Know Before “Suddenly…” Happens

“Women need to sit down with their husbands, when times are good and everyone’s healthy and ask them to fill in the financial-knowledge gaps.” suggests Robin K. Howard, an accountant herself, and then director of Planned Giving in the Office of Development at UT- Houston.

Make a date with your husband to go over the entire financial picture. Many husbands keep their important documents, bank statements and bills at their offices for convenience, so advance scheduling of this family seminar would be helpful.

Buy an accordion file box that is pre-labeled inside with dividers for bank statements, insurance, investments, receipts, etc. This will be your box. Have a legal pad handy.

Information You Need to Know or Need in Hand

• Whereabouts and account numbers of all checking and savings accounts, both joint and separate, and the name/number of your personal banker
• List of all credit cards and account numbers in both your names and that month’s statement/balance
• Key and whereabouts to the safe deposit box and an Inventory of its contents
• Know your tax return. Don’t just sign it. Have him explain all declarations, deductions and expenses. Make a copy of the most recent tax return for your files.
• Find out where the last seven years of financial documents are kept, in case you, as a sudden widow, are audited.
• Know the name, number and mailing address of your family attorney, CPA, stock broker and insurance agent.
• A copy of every insurance policy: life, health, disability, homeowner, auto, flood, separately scheduled items such as jewelry.
• A copy of the mortgage
• A copy of his birth certificate, yours and your children’s.
• Copies of your and his social security cards.
• Copies of all investment plans: retirement, 401ks, Keoghs, pension plans, stocks, funds and money markets.
• The name and address of each firm that handles your accounts.
• A copy of your wills and the name/number of the attorney with whom it is filed.
• If you have not discussed end-of-life wishes, living wills, organ donation wishes, this is a good time to draft this document.
• If you have a highly trusted friend/family member, make a quick-referral list of key names and numbers from this list that can be kept in a separate location in case of emergency (flood, fire, burglary).
• In case of sudden loss, you may need to have actual cash on hand and credit in your own name. Arrange for this now.

UPDATED: 4-21-2003

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