Single? In an Emergency, Who Is Safeguarding Your Money?

You need a backup. And here are the five steps you should take to help that person be ready in case something does happen.

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If you are single, what would happen to your financial life during an emergency, such as a serious car accident or a sudden illness? To protect your wealth, it’s important to designate someone who has knowledge and access to your money and other financial documents, such as bank accounts, life insurance policies and your will. If you are the only person with this information, it could pose a big financial risk.

Everyone needs a financial “backup,” a person who can gain access to your money and help make some important financial decisions in certain situations. For singles, this person may be the executor of their will, a financial or health care agent or a family member or friend who will be the first one to jump in and help.

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Lisa Brown, CFP®, CIMA®
Partner and Wealth Advisor, CI Brightworth

Lisa Brown, CFP®, CIMA®, is author of "Girl Talk, Money Talk, The Smart Girl's Guide to Money After College” and “Girl Talk, Money Talk II,  Financially Fit and Fabulous in Your 40s and 50s". She is the Practice Area Leader for corporate professionals and executives at wealth management firm CI Brightworth in Atlanta. Advising busy corporate executives on their finances for nearly 20 years has been her passion inside the office. Outside the office she's an avid runner, cyclist and supporter of charitable causes focused on homeless children and their families.