Your Finances: What to do now for your loved ones later
is tempting to avoid the subject of death. However, when it comes
to your finances, planning for the inevitable will be immensely
helpful to your loved ones. You can make a very difficult time
easier by preparing and organizing vital paperwork and information.
of the most important documents you can have is a will. If you
already have one but have not reviewed it recently, you may need
to update such details as the executor and beneficiaries. And
if you havent yet drawn up a will, consider doing so now.
Without one, the state will decide who gets your real assets.
If you have no relatives (or they cannot be located), your states
treasury will inherit everything. One of the most compelling reasons
to have a will is that it is your opportunity to dictate custody
for your children if you dont the court will.
there may be much to consider and prepare, it shouldnt be
overwhelming if you use a systematic approach. Use the following
checklists to locate and organize your personal finance paperwork.
Once you know where all these documents and contacts are, you
can easily transfer them to a designated individual.
sure the person who will be in control of your home and money
has access to the following information. He or she will need it
to maintain fiduciary management of the household.
you are a renter: the name of the landlord or property manager
you are a homeowner: the deed, contract, first and second mortgage
lender, equity loan, homeowners insurance company, mortgage
log-in instructions and password
deposit box, location of key, names of authorized signers, inventory
savings, credit union account information
cards, ATM card, debit cards
and informal loan documents
plans, IRA accounts and other retirement account information
stock, bonds, CDs, commodities, mutual funds, savings bonds,
treasury notes, money market funds, annuities
benefits: life insurance, profit sharing plan, pension fund,
ownership information: name of business, address, phone number,
name of partners
policies: health, disability, car, liability, rental
the urge to procrastinate. Completing this task will not only
help those you love feel more prepared for the eventual, you too
will be glad you did the right thing.