Getting Your Financial Affairs in Order

POSTED ON: April 21, 2022
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Getting your financial affairs in order by organizing your important paper is a wise move and wonderful gift to your family. The Daily Journal’s recent article entitled “How to get your affairs in order” says to collect your important personal, financial and legal information. Here is a list of areas on which to focus in getting your financial affairs in order:

  • Contacts: Make a list of names and phone numbers of close friends, doctors, lawyers, accountants, brokers and insurance agents.
  • Medical information: Include a list of medications you take, along with any allergies and illnesses.
  • Personal documents: These are things like your birth certificate, Social Security card, marriage license, tax records and military discharge papers.
  • Digital assets: List your digital assets, including everything from social media accounts to online banking accounts to home utilities you manage online. It should include usernames and passwords.
  • Pets: If you have a pet, give instructions for their care.
  • End of life: Indicate your wishes for organ and tissue donation and state your funeral instructions. If you have made pre-arrangements with a funeral home, include a copy of the agreement, the contact information and if it is prepaid.
  • Will and trusts: Include the original copy of your will and other estate planning documents.
  • Advance health care directives: A living will and medical power of attorney state your wishes as to your end-of-life medical treatment, when you can no longer make decisions for yourself.
  • Financial accounts: List your bank accounts, brokerage and mutual fund accounts and any other financial assets.
  • Debts and liabilities: State any loans, leases or debts you have — mortgages owed, car loans, student loans, medical bills, credit card debts, along with a list of all credit and charge cards, including the card numbers and contact information.
  • Company benefits: List any retirement plans, pensions, or health benefits from your current or former employer, including the contact information of the benefits administrator.
  • Insurance: List the policies you own, such as life, long-term care, home, auto, Medicare, Medigap and prescription drugs. Add policy numbers, agents and contact info numbers.
  • Property: Note your real estate, vehicles and other properties you own, rent, or lease and include documents, such as deeds, titles and loan or lease agreements.

Gather all your organized information and files in a convenient location, like a fireproof filing cabinet or safe in your home.  Review and update it every year, and do not forget to tell your loved ones where it is located.  Get your financial affairs in order to help your family with winding up your estate.

Reference: Daily Journal (Jan. 6, 2022) “How to get your affairs in order”

Reach out to our office to get more information and our Document and Item Locator to get started on your estate organization. 

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