YFP 351: Legacy Planning 101: How to Build Your Legacy Folder and Why It's Important

Your Financial Pharmacist

Tim Ulbrich discusses the importance of creating a legacy folder to organize essential financial documents for access during emergencies and peace of mind.

Summary

In this episode, YFP Founder and CEO, Tim Ulbrich, delves into the critical aspect of establishing a "legacy folder" to efficiently organize essential financial documents and accounts. This folder serves as a vital resource in emergencies, streamlining access for loved ones and averting confusion or delays. Drawing from personal experience, Ulbrich shares how he and his wife maintain their financial plan and essential documents in a shared electronic folder and a secure physical safe at home, ensuring accessibility and peace of mind during unforeseen circumstances.

Tim explores the contents of the legacy folder, which encompass a comprehensive checklist, electronic copies, and hard copies of vital papers such as birth certificates and social security cards and other critical documents like insurance policies and estate planning materials.

Learn how to proactively organize your financial affairs to safeguard against unforeseen events, ultimately fostering financial peace of mind and security.

About Today's Guest

Tim Ulbrich is the Co-Founder and CEO of Your Financial Pharmacist. Founded in 2015, YFP is a fee-only financial planning firm and connects with the YFP community of 15,000+ pharmacy professionals via the Your Financial Pharmacist Podcast podcast, blog, website resources and speaking engagements. To date, YFP has partnered with 75+ organizations to provide personal finance education.

Tim received his Doctor of Pharmacy degree from Ohio Northern University and completed postgraduate residency training at The Ohio State University. He spent 9 years on faculty at Northeast Ohio Medical University prior to joining Ohio State University College of Pharmacy in 2019 as Clinical Professor and Director of the Master’s in Health-System Pharmacy Administration Program.

Tim is the host of the Your Financial Pharmacist Podcast which has more than 1 million downloads. Tim is also the co-author of Seven Figure Pharmacist: How to Maximize Your Income, Eliminate Debt and Create Wealth. Tim has presented to over 200 pharmacy associations, colleges, and groups on various personal finance topics including debt management, investing, retirement planning, and financial well-being.

Mentioned on the Show

• YFP Legacy Folder Checklist
• YFP 222:Why Estate Planning is Such an Important Part of the Financial Plan
• YFP 310: Dusting Off Your Estate Plan
• YFP Net Worth Tracking Sheet
• The Millionaire Next Door by Tom Stanley
• Check your Social Security Statements
• Financial Peace University
• Subscribe to the YFP Newsletter
• YFP Planning
• Tim Ulbrich on LinkedIn
• YFP on Instagram
• YFP Facebook Group
• Your Financial Pharmacist
• YFP Disclaimer
• YFP Newsletter