Here is How You Can Prepare for the Unexpectedby FDIC
Prepare for the unexpected. Have adequate insurance, especially for life, health, disability, personal liability, and coverage of property. Review your coverage annually to ensure that it is up to date. Consult an attorney or another trusted advisor about having a will and/or establishing a formal "trust" to specify how your bank accounts, property and other assets should be distributed upon your death. Periodically review your life insurance policies and retirement accounts -- especially after a birth, death, divorce or other major life event -- to ensure that the named beneficiaries are correct. Also build an emergency savings fund, preferably of about three to six months of living expenses, so you have ready resources you can tap to pay your mortgage, insurance or costly home repairs or medical bills. The safest place for emergency savings is a federally insured deposit account.