Keep those vital papers handy

By Deborah Adamson
Advertiser Staff Writer

Myra Yamada says she and her husband keep a basic list of where their financial records can be found in an emergency. She keeps a copy at her downtown office and another at their home in Waialua. Jeff Widener • The Honolulu Advertiser

"It's a matter of being prepared," said Dale Lee, president of the Hawaii State Bar Association. "We don't do it unless it happens to someone else."

Don't wait to organize until it's too late, when you've lost your house or after your records get damaged. Trying to backtrack could be a nightmare.

"Reconstructing in times of crisis is like talking when you're angry," Lee said. "It's not good."

Keeping a master list of your records also comes in handy in other situations.

For instance, when a husband who takes care of investments in the family dies, the wife wouldn't have to scramble to find out whether she's going to have enough to live on. Kama'aina who moved to the Mainland for jobs could better handle the affairs of a deceased parent in Hawai'i if records are organized.

But many people still don't do it, Lee said. It's not unusual for him to see families become overwhelmed by the affairs of a dead person whose records weren't organized.

If you're old enough to have some financial responsibility, consider keeping your records in order, Lee said.

Start by creating a list of your assets and liabilities as well as legal and family records. For most documents, a copy would suffice, said Larry Myers, a tax and trust attorney at Kobayashi, Sugita & Goda in Honolulu where Lee is a partner. The exception is a will; an original is required in probate court.

The list should include the following: bank and investment account numbers and contacts, insurance policies and agents' names and phone numbers, credit card accounts, mortgage and car-loan information.

Also include phone numbers for the family attorney, accountant, doctor and other professionals.

Keep a copy of the list at a separate location, such as your office or a safety deposit box, or with a trusted family member or friend.

Records that should be kept in a safe place include any deeds, title to your car, extended warranties, a will, marriage certificate or divorce decree, adoption papers, trust documents, powers-of-attorney designations, healthcare directives on what to do if you become incapacitated, homeowners or renters insurance policies, tax returns going back three years, citizenship papers, passports and military records.

Take a photo of your possessions at home in case you need to file a claim. Make sure someone knows where to find the list or records in an emergency. Finally, update your information with any changes.

Myra Yamada, of Waialua, said she and her husband keep a basic list of their financial records. She keeps one at home and a copy at her office. They have a daughter in high school, who has a general idea of what they own and owe, she said.

They took the effort to create a list because "it makes it easier for someone else to come in and take over and make arrangements. It helps everybody else out," Yamada said. "You hope you never have to need it, but you can never tell."

Reach Deborah Adamson at dadamson@honoluluadvertiser.com or 525-8088.

Organize your records for easy access in emergencies

Create a list of your assets, liabilities, legal and family records.

• Bank and investment account numbers and contacts
• Insurance policies and agents' names and phone numbers
• Credit card accounts
• Mortgage and car loan information
• Contact numbers for the family attorney, accountant, doctor

Keep a copy of important documents.

• Deeds
• Title to your car
• Extended warranties
• Marriage certificate or divorce decree
• Adoption papers
• Trust documents
• Powers-of-attorney designations
• Healthcare directives
• Homeowners or renters insurance policies
• Tax returns for three years
• Citizenship papers
• Passports
• Military records
• An original will

Take a photo of your possessions in case you need to file a claim.

Keep your list and records in two places, your home and office or a safety deposit box.

Let a trusted family member or friend know where to find your documents.

Update your information with any changes.

For free legal advice on a range of topics, call the state Bar Association on Wednesdays from 6 to 7 p.m. at 537-1868 from O'ahu or (888) 609-5463 from the Neighbor Islands.