Organize Your Finances

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A life insurance policy means more than leaving something behind for your loved ones; it should also cover funeral expenses and fund your financial responsibilities. Determine the amount you owe and adjust your plan with an insurance agent. Your family members will be dealing with grief at the time of your death; what you do to ease the stress before the fact can make it easier for them to adjust. 

Important Documents

You should print out clear documentation of life insurance policies and retirement plans, including pensions and annuities. Keep them in a safe place and disclose the location with loved ones. At the time of death, they will require these forms to ensure your contribution is dispersed to the right person, rather than going unclaimed and ending up with the state. It’s a good idea to give copies to your estate planner, attorney or even placing them in a safe-deposit box. These documents should be easily accessible when they are needed. 

Gathering Debts

Another set of documents you will need to disclose with your estate executor is a list of your financial responsibilities. These include mortgages, vehicle commitments, and credit card debts. Keep your account information in a secure and organized portfolio to make payments easier. 

Don’t forget to update balances regularly to keep the numbers accurate. 

A great expert to have when gathering your debts is a financial advisor. Together, you can set up beneficiaries for retirement plans, allow a family to access accounts and even create savings strategies for your surviving family and finances. 

Leave Clear Instructions

Modern technology makes bill paying easy with services like auto-pay. Make sure your loved ones know how and what comes out of your bank account. It’s easy to forget small charges like subscriptions and utilities. They should know how to opt out of these fees as every dollar can be crucial when meeting final financial obligations.

 

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