In some families, one spouse is more financially involved than the other and may be more knowledgeable about the subject than the other. No big deal, you might think, but what if something happens to the “financial leader”? Prepare for the unexpected: You may want to consider involving your partner in the family’s financial activities now, during your lifetime. Here are some guidelines that may help you get started:
What to keep and where
- Bank safe or deposit box — car titles, property deeds, business agreements and partnerships, and a detailed home inventory of all valuables including pictures, videos and appraisals of personal property.
- Fire-resistant home safe — a copy of your will and trusts, insurance policies, investment account numbers, passwords, original powers of attorney for healthcare and property (named agents should have copies), and a letter explaining your final wishes.
- Home filing system — whether in hard copy or e-versions, keep three years of statements for insurance payments, bank accounts, investment and retirement accounts, credit cards, mortgages and tax returns.
- Attorney’s office — signed and witnessed trust documents and copies of powers of attorney and your will.
Who to call
Make sure your loved ones know where to find detailed contact information for your professional advisors including your accountant, attorney, banker, financial advisor and me, your insurance agent. If appropriate also include healthcare provider contact information for your children and perhaps even your pets.
Make sure your loved ones know where to find detailed contact information for your professional advisors including your accountant, attorney, banker, financial advisor and me, your insurance agent. If appropriate also include healthcare provider contact information for your children and perhaps even your pets.
Sharing is caring; share now
Should something happen to you, help provide a smoother transition by introducing your spouse to trusted advisors now, during your lifetime. Get your spouse involved in the family’s finances now as well — this may provide some comfort and reassurance for everyone involved.
Should something happen to you, help provide a smoother transition by introducing your spouse to trusted advisors now, during your lifetime. Get your spouse involved in the family’s finances now as well — this may provide some comfort and reassurance for everyone involved.
You can also make sure you have the life insurance coverage you want to help provide necessary funds for your spouse and family should a crisis occur. Call me today.
1 “He Ain’t Heavy, He’s My Brother,” Hollies, MetroLyrics.com
Life insurance issued by Farmers New World Life Insurance Company, Mercer Island, WA 98040.
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