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.


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.
I recently had a client experience the time-consuming, costly and frustrating process of trying to track down assets, and the will, of a loved one who suddenly passed away without a backup plan in place. A year later, she’s still not sure she’s accounted for all of her loved one’s assets. The client is now determined to never leave her teenage daughters with that type of mess.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Your personal financial information is a sensitive topic. And women, in particular, tend to be less comfortable opening up about this area of their lives. According to a 2015 Fidelity Investments Money FIT Women Study, 80% of women refrain from talking about finances with friends or relatives, saying “it’s uncomfortable” and “it’s too personal.” Unfortunately, it is often difficult to help anyone during an emergency if they don’t have access to at least some of your financial data.
Here are five tips to help singles establish a financial backup plan without putting their financial privacy at risk:
Make a list of assets and debts, and how to find them.
Start by writing down a list of all assets, including bank accounts, 401(k) and IRA plans, and provide a street address, financial institution or employer’s name for each one. Everyone should track their finances annually, so one way to create a backup plan is to place a copy of this list in a sealed envelope and give it to your trusted loved one each year. Also provide your backup person with contact information for any professional adviser, such as a financial planner, insurance agent, mortgage broker, lawyer and accountant.
Provide instructions to access valuables.
These include your home, safe, safe-deposit box or storage unit. Important identification items, such as passports, birth certificates and Social Security cards, are likely located in one of these safe places. If you are stranded somewhere, you don’t want to be left without access to these documents. Finally, if you are comfortable, give your backup person a key so they can access your home, storage unit or other properties.
Make copies of insurance documents.
Most people periodically make changes to their car or health insurance. Each time you purchase a new policy, or if plan benefits change, keep updated records. Your backup person will need a list of your life insurance, long-term care and disability insurance benefits, as well as policy numbers and the companies that administer those policies. Don’t forget about home, auto and liability insurance information as well. Finally, keep these documents in a safe place and let your loved one know how to access them.
The same goes for wills, financial and health care power of attorney documents.
If these documents are needed in the event of an emergency, it’s best to have a “grab and go” physical copy that your loved one can show a doctor, judge, law enforcement officer or any other emergency provider.
Round up all your passwords.
Provide login information for banks, credit cards, airline miles and other points programs, email and social media accounts. If you are incapacitated, a trusted person may need to access these online accounts. And while it may seem unthinkable now, it will also be easier for them to administer your estate in the event of your untimely death.
Designating someone as your financial backup and providing them with key documents will not only protect a single person’s assets in an emergency; it will make life less stressful for loved ones who are looking out for you. Proper planning can also ensure the assets you’ve worked hard to build, and insurance you’ve purchased to protect those assets, will be accessible. Taking the right steps now will provide financial security and peace of mind if it’s ever needed.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

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.
-
Dow Hits New Intraday High on Fed Day: Stock Market Today
Not even the most important stock in the world could keep the oldest equity index down on a significant day for markets.
-
Savings Goal Calculator
Tools Want to know how much you need to save each month to reach your financial goals? Our calculator helps you build a realistic savings plan.
-
Gray Divorce Can Throw Your Retirement a Curveball: What to Know
If you're entering retirement and going through a divorce at the same time, you've got some work to do to shore up your long-term financial security.
-
I'm a Real Estate Investing Expert: Optional 721 UPREIT DSTs Can Be the Best of Both Worlds
Before investing in any 721 UPREIT exchange, look for one that offers a straightforward, investor-friendly exit.
-
How an Expired Passport Thwarted Blackmail (and What Other Important Documents You Should Keep)
An optometrist produced his expired passport to foil a blackmail attempt by the daughter of a former employee. After proving he was out of the country on the date of a forged diary entry, he took it a step further.
-
Optimize, Grow, Retain: The Power of Annual Client Reviews
Financial advisers can use annual reviews to help enhance client outcomes, strengthen relationships and build their practice.
-
I'm a Real Estate Investing Pro: This Is What Investors Should Know About Truck Stop Investments
Truck stops might seem like good investments, but they can actually be a risky gamble due to unstable fuel prices, unreliable operators and coming changes in transportation. Instead, consider safer options like industrial or residential properties.
-
Don't Disinherit Your Grandchildren: The Hidden Risks of Retirement Account Beneficiary Forms
Standard retirement account beneficiary forms may not be flexible enough to ensure your money passes to family members according to your wishes. Naming a trust as the contingent beneficiary can help avoid these issues. Here's how.
-
This Is How Life Insurance Can Fund Your Dreams Now
Beyond a death benefit, life insurance can provide significant financial value and flexibility through 'living benefits' while you are still alive, helping with expenses like education, business ventures or retirement.
-
Potential Trouble for Retirees: A Wealth Adviser's Guide to the OBBB's Impact on Retirement
While some provisions might help, others could push you into a higher tax bracket and raise your costs. Be strategic about Roth conversions, charitable donations, estate tax plans and health care expenditures.