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Getting your financial house in order

Jan 09 2019

No one likes to think about the loss of a loved one or their own death, but if you want to avoid having your family struggle with financial and legal issues, there are certain planning steps you need to take. Sometimes the reason people don't take action is because they don't have a trusted resource to turn to. Our Financial Insurance team is glad to answer questions and offer guidance. We can even refer you to other trusted advisors if needed. 

Even if you’ve already done estate and financial planning work, you should periodically ask yourself if your arrangements still fit your current situation. Changes may be needed.

Here are a few questions to think about...

Do you have a will and a trust? A will can help keep your family out of court. A trust may be needed depending on your circumstances to help in the transfer of assets upon your death.

Do you have an attorney? Does your family have your attorney's contact information?

Are all of your financial documents in order (including names of financial institutions & account #’s)? Do your family members know where to locate this information?

Do you have a financial durable power of attorney? If you are incapacitated, having a power of attorney in place can help ensure your legal affairs run smoothly by having someone to act on your behalf.

Do you have advance health care directives?

  • Health care proxy—appoints someone to make medical decisions for you, if you are unable to
  • Living will—specifies the type of medical treatments you would or would not want if you were unable to communicate.   

Have you discussed your thoughts about organ donation with your family? Don't leave your family guessing about your wishes.

Do you have enough life insurance on both you and your spouse/partner? Your need for life insurance can change over time as assets, debts, responsibilities and lifestyle change.

Is your beneficiary information up to date on life insurance policies?  Be sure this is current especially if you've had changes in your life that would warrant an update.

Kids protection plan, if you have minor children? Who would take care of your children if something happened to you.

These questions are a starting point. Your unique situation may require answers to other questions. Our team can help you start the process if you haven't done any planning yet. Making the commitment to get started is the first hurdle to overcome, and you can do that by picking up the phone and talking with a member of our team.

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