A friend recently told me about you and your teachings about money. While we were talking, she mentioned something called a “legacy drawer” for important papers. Can you explain more about this?
Simply put, a legacy drawer is a collection of your essential documents in a safe place where your family and loved ones can find them when you die, or if you’re sick or disabled. It doesn’t have to be a drawer, specifically, just a safe, secure place where you keep all the pieces of your financial life—your will, living will, estate plan, investment statements, insurance policies, and property deeds. You should also include stuff like power of attorney documents, bank and lock box access information, and any other instructions for and information about your last wishes and what you leave behind.
The stress and grief when someone becomes seriously ill or dies is bad enough. Don’t make it any harder than it has to be by leaving your finances and other essentials in a mess!
Dave Ramsey is a seven-time #1 national best-selling author, personal finance expert, and host of The Dave Ramsey Show, heard by more than 16 million listeners each week. He has appeared on Good Morning America, CBS This Morning, Today Show, Fox News, CNN, Fox Business, and many more. Since 1992, Dave has helped people regain control of their money, build wealth and enhance their lives. He also serves as CEO for Ramsey Solutions.