Katrina Leaves Family Without Financial Records
Sept. 18, 2005 — -- The Keeffes seem like a happy family, playing with their two small children on a sunny day. To look at them, you would never know that just three weeks ago they were running for their lives.
Their $80,000 condominium in Slidell, La., was flooded by Hurricane Katrina.
"We lost everything," Leslie Keeffe sobbed. "All our items that took us so long to get were just completely destroyed."
The Keeffes are living in a relative's cramped trailer in McKenzie, Ala., trying to figure out how to rebuild their lives. They not only lost most of their personal possessions, they lost most of their financial records.
"Bank account papers, mortgage papers, birth certificates, Social Security cards, income tax papers," Keeffe said. "We don't know where to even begin."
Leslie and Shawn Keeffe and their kids are among tens of thousands of victims of Hurricane Katrina with no personal or financial documents. They've lost the entire economic structure they're used to running their lives with. And they have little idea how to go about replacing it.
"Most people don't ever recover financially from a disaster," said Anat Kendal, director of The American Institute of Certified Public Accountants, who has worked with the Red Cross preparing for disasters. "That's likely to be the case with the Gulf Coast and impacted individuals there. Most people haven't prepared in advance."
Preparing for Disaster
Kendal, who has worked with the Red Cross on preparing for such disasters, suggests everyone should:
Keep duplicates of documents -- including wills, recent account statements and even prescriptions -- outside the home.
Make an inventory of belongings and photograph them for insurance purposes.
Update insurance coverage every year.
Although they have no money, the Keeffes say they're determined to try to restore their financial lives. First, they're going to start by looking for jobs so they can care for their two babies.
This week, in a small step toward getting back on their feet, the family also will settle into a larger home loaned to them by a neighbor.
Replacing Lost Financial Records
In addition, financial planners say there are three things people like the Keeffes should do when their financial records are lost:
Fill out a change-of-address form at a post office so that family, bank and creditors can contact them.
Call their employer to get their paycheck and 401k records.
Notify the IRS, and have it send copies of past tax returns.