FINANCE - Why you should have an ICE file

FINANCE - Why you should have an ICE file

By Dave Kavanagh

Something that I have recommended for many years to clients, is to set up an “ICE” file, (In Case of Emergency). Preferably in either a metal filing cabinet or any container that is fire resistant (some have even used a strong biscuit tin, but only after the biscuits are gone!). Then make sure at least one trusted friend or family member is aware of where it is kept in the home. This way, in the unexpected event of either a fatality, severe illness or even early onset dementia, it removes the confusion of trying to establish details like what bank accounts are there, what cover (if any) is in place, is there a will made? I often hear of situations where a surviving partner says “oh he/she always dealt with all of that, I haven’t got a clue.”So what kind of things should be kept in it?

Consider the kind of information that would be needed at such a time. Details of bank accounts, any loans due to be paid, details of any mortgage and any associated cover in place that could clear such a mortgage. Any life cover details (and any contact names/numbers in connection with them). Details of any regular payments that should be cancelled, such as gym membership, magazine subscriptions, etc. The benefit of having cover plans/ wills in pace is diluted somewhat if nobody knows that they exist or where the details are.

Dave Kavanagh QFA has been advising people financially for over 25 years. For quotes or information (with no cost or obligation) he can be contacted by emailing or use the contact form on or phone 087-6414570, or @Davekav_advice on Twitter and Instagram. Combined with his previous role of gym/nutrition adviser, he regularly gives talks and workshops at seminars and events for groups, companies and government departments on financial wellbeing, positivity and motivation. As heard on RTE 2FM and TV3.

/ Features, Finance