15 Jan Focus on Financial Fitness
Happy 2014!
The start of a new year is a great time to review your ‘financial fitness,’ and a great (and critical!) first step is to get organized.
To help you, here is a checklist of important financial documents. It is recommended that you store all these documents in one place, and that you let your children or trustees know where that is.
- Legal Will – to establish what happens to major assets in the event of death
- Living Will – to clarify healthcare wishes
- Power of Attorney – one to manage legal matters, one to handle healthcare decisions
- Estate Plan – to pass on assets to loved ones with as little tax liability as possible
- Insurance Policies – to help identify beneficiaries and the benefits they are entitled to
- Income, Asset and Liability Information – to outline a complete financial inventory
- Marriage Certificate – if you cannot find it, you can get a copy at the courthouse in the county you were married
- Military Discharge Certificate – if you or your spouse/partner served, you may need this to collect benefits
- Contact Information – to quickly reach family and friends
- Medicare or Medicaid Information – to review all the options, visit www.medicare.org or www.medicaid-options.com
In case you have any questions, please consult a qualified financial advisor for individual guidance.
(source: AARP.com)
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