Get Organized! Tips for Storing Important Documents
There’s a hidden city beneath Sacramento! Most people know about the Catacombs of Paris, but far fewer are aware of the second, secret city of “Old Sacramento” hidden beneath its business district. According to the California Department of Parks and Recreation, Old Sacramento used to be at surface level. However, flooding from the Sacramento and American rivers regularly submerged the city in the mid-1800s, causing enormous damage and loss of life. To fight back, locals rerouted one of the rivers, built levees to protect themselves from the water, and even “physically rais[ed] the streets of its business district over 20 feet above the floodplain.” They buried sections of Old Sacramento in the process! Today, you can tour the lost city through the Sacramento History Museum. There are kid-friendly tours for the whole family, or you can book an adults-only tour called Underground After Hours which “delves into the salacious and seedy side of Sacramento’s history” including murders, bootlegging, and other illegal activities of the gold rush era. Visit SachHistoryMuseum.org/Tours to learn more. Did You Know?
Nobody enjoys disorganization. If you think you don’t mind it, just imagine a grocery store with unlabeled aisles and items randomly sorted onto the shelves. Doesn’t that make you shudder? If so, you’d be even more alarmed by the mess that would ensue if you died without organizing your important estate and financial planning information. An estate plan is a great start to getting your affairs in order, but you should also centralize necessary information and assets in an accessible yet secure location. This is imperative for business planning and business succession. So, what might it look like? ORGANIZE AND LOCK PHYSICAL DOCUMENTS IN A SAFE PLACE Keep physical copies of things like your W-2s, tax returns, marriage certificates, deeds to real property, and similar items together in an organized and secure location. This could be a locked safe, a vault, or in the hands of a trusted professional. Bonus point: Make copies of these original documents and keep them in a separate location. This protects you should something go wrong and the documents become inaccessible or destroyed. CONSIDER A DIGITAL VAULT A digital vault serves the same purpose as a safe for physical documents, but it stores digital assets and passwords (including your phone password!). We all have trouble remembering passwords, so it’s unreasonable to count on our heirs to crack those codes. Keep digital copies of your physical documents in your digital vault as well as details on what digital assets you hold, like photos, audio/ visual content, e-books, social media accounts, intellectual property designations, cryptocurrency, non-fungible tokens (NFTs), and more. When it comes to crypto and NFTs, it’s imperative your vault indicates how to access those items. Without the keys, those assets will be lost forever on the blockchain. USE OUR CASE-MANAGEMENT SYSTEM At The Law Offices of Tyler Q. Dahl, we help business owners centralize their assets and information. If you’re looking to sell your company or take it public, you will need all your items in order to avoid putting yourself in a tough position. The same applies if you pass away and your business passes to an heir. When you’re ready to get your affairs in order, our team is here to help. How to Centralize Your Financial and Estate Information
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