The Fearless Folder in ‘The Barefoot Investor for Families’ book by Australian author Scott Pape
Scott Pape from the Barefoot Investor has suggested that we all prepare a ‘fearless folder‘ in the event of our untimely death, so that our family will know all our expectations and social media details not found in a traditional Will.
Deidre, from Victoria, said she decided to put together a fireproof safe after a wrist injury left her unable to work, forcing her husband to take time off to look after their five young sons – all aged under six – while she recovered.
Her wrist has since healed and she has returned to work, but Deidre said she couldn’t help but wonder what would actually happen to her family if she wasn’t there.
So as suggested in the Barefoot Investor’s Barefoot Families book, she prepared a safe, which includes documents and her ‘fearless answers’ to a series of ‘important questions that would be asked’ if she were to die.
‘It’s about preparing for the worst so your family is financially protected. You can be perfectly healthy one minute, then be incapacitated the next,’ she said in “Mums Who Budget & Save.“
“Last year I had a fall where I broke my wrist. I slipped on water on the bathroom floor and landed hard enough on it to need surgery and a plate to repair it. I am fine now, and was very lucky I didn’t bang my head, but it hit home how quickly things can change.
‘This begs the question, what happens to my family if something serious were to happen to me? In the case of my broken wrist, our income was seriously impacted as my husband had to take time off work to look after the kids, fortunately only for a fairly short period of time while my wrist healed.”
Deidre – who has five young boys, including two sets of twins – said she’s the ‘main breadwinner’ in her family.
“So if I were to be seriously injured or die suddenly, my family would be put in a very bad position, so it is very important that I be prepared,” she said.
She used a checklist from “The Barefoot Investor for Families” book by Australian author Scott Pape, to help her compile everything her husband and children needed.
Using a $79 waterproof, fireproof safe from Bunnings Warehouse, Deidre put together a folder of important documents and instructions for her family.
“I’m the main financial organiser in my family, if anything happened to me, figuring out all this stuff would be very tough for my husband, and sorting out a financial nightmare is the last thing a grieving person needs,” she said.
The “fearless answers” include “who will raise our kids if we both die?”, “at what age should the kids receive inheritance” and “what are my funeral wishes”.
Inside the safe, she added both her and husband’s wills, power of attorney, birth certificates, marriage certificate, passports and property paperwork.
She also included instructions for her funeral, such as the kind of memorial she wanted and details of her executor, accountant, lawyer and financial planner.
Deidre also put together the “big list”, which includes all her social media, super, banking accounts, and login details.
She included her net worth – a list of all assets and liabilities and details about her life insurance policy and income protection.
“I’ve made sure I’m insured for a large amount as I have a big family of young children to support. I have my husband as my binding death nomination on my super and he has me as his. You have to specifically ask for this,” she said.
The mother said she also wrote small letters to her husband and five sons.
“Just in case my death was sudden, so I have a chance to tell them how much I love them and how special they are to me,” she said.
Since organising her ‘fearless folder’, Deidre said she feels rest assured her family will be taken care of if she were to suffer an injury or die.
“This is probably the most important thing I’ve ever organised, I feel a sense of relief that this is done so my family is taken care of. I thought I’d share with others as it’s such a brilliant idea, every family needs to do this to protect their loved ones,” she said.
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