When planning for an emergency, preparedness in your finances may be overlooked. Sun Group Wealth Partners managing director Winnie Sun joins Brad Smith on Wealth! to discuss the importance of a financial first aid kit.

Sun explains that a financial first aid kit is what you or a loved one need to take care of in case of an emergency. The contents of your financial first aid kit will vary as each individual is different, but it could include the necessary documents to file taxes, a living trust, contact information for your financial advisor, and credit card statements, among other documents. All of this financial information needs to be in one safe location that is quickly accessible.

She says the financial first aid kit was “inspired because my dad had a medical emergency a few years back, and literally, it was just scrambling, trying to figure out all the important documents.” Sun says to think about making your kit for that context. “If something were to happen and if I'm the person who is the organizer or person who takes care of the finances at home, what are the things that my family would need if I wasn't able to help guide them through this process?”

For more on building your financial first aid kit, watch the video above.

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This post was written by Naomi Buchanan.