Last Updated: January 25, 2010 

They've been on the market for years — so called "beneficiary books" and other template-based filing tools that can help an heir, spouse or executor sort through a person's affairs upon their incapacitation or death. There's no question that these tools make a lot of sense — but they're not only for the retirement set.

If 9/11, Hurricane Katrina or the recent earthquakes in Haiti have taught Americans anything, it's that anyone, at any age, needs to plan for the unthinkable.

Any individual with assets should create an easy-to-find, easy-to-understand file of financial information and keep that data in a safe, accessible place at home, with their attorney or a financial planner and possibly with a trusted friend or relative who lives a safe distance away from the aforementioned locations.

The following information may be organized in a pre-purchased kit, a school binder, or in scanned documents stored on a computer disk:

Identity Documents

• Birth, death, marriage certificates (make a note to the holder of this file that they should immediately make at least 10 copies of each in case they are executor or are asked to help an executor)
• Social Security Cards
• Citizenship papers
• Divorce/Separation papers
• Adoption papers, if applicable
• Military discharge papers, if applicable
• Passports
• Key identification numbers, including drivers' license, passport and employee identification data

Financial Documents

• Checking/Savings records
• Investment accounts
• Titles and deeds to real estate
• Time share agreements
• Stock/Bond certificates
• Employee benefit documents
• Car title, lease, loan information and license plate data
• Boat ownership records
• Loan agreements
• Credit card information, including photocopies of credit and debit cards, front and back (displaying the individual's signature)
• Student loan information
• Personal/Business lines of credit

Insurance Documents

• Life insurance policies
• Health insurance policies
• Disability insurance policies
• Long-term care policies
• Homeowner's insurance policies
• Renter's insurance policies
• Auto insurance policies
• Dental insurance policies
• Umbrella insurance policies

Estate Planning Documents

• Wills
• Trust documents
• Durable power of attorney for health care
• Durable power of attorney for finance

Miscellaneous

• Employment contracts
• Business agreements
• Tax returns, for the past three years
• Safe combination
• All user IDs and passwords for online accounts, including access to computer
• Location of safe-deposit, lockbox and filing cabinet keys
• Detailed funeral and burial wishes
• Location of cash that may be used to handle emergency expenses
• Recent medical records that may be good to have on hand if the individual is incapacitated
• All relevant contact numbers for executors, financial advisers, trustees, guardians, attorneys and any other pertinent individuals
• Guidelines on what to do about orphaned pets, including set plans for who will adopt them and pay for their care

In organizing all this information, it makes sense for the individual to put themselves in the shoes of the people they've selected to handle things in a crisis. Since these individuals may be capable but still frazzled or upset, it's essential this information be simple to navigate and updated as often as possible. Here are some guidelines in organizing the documents:

Start with a simply written table of contents: When someone dies or is incapacitated, loved ones are typically distracted. They may forget details they've been told. That's why a detailed index of this data (with page numbers or folder labels) is so critical. Many people think that putting together a comprehensive binder or box of information is all they need to do, but a simple summary is particularly appreciated at stressful times.

Set a time each year to review and revise this information: Some experts advise individuals to update their will and other estate preparations every five years or as often as change takes place. This crisis information should be updated more often — optimally, every year. A person's address, relationship, job status and financial details can certainly change within a given year — that's why record keeping needs to keep pace with this information.

Keep the team informed: It's never easy to talk about death or illness with loved ones, but individuals need to make time to show their chosen family members and professionals this crisis kit, preferably where all this information is kept. If family members or advisers have questions or suggestions on how to better present this data, those ideas should be incorporated as time goes on.