Is your spouse in your investment loop?
There was a famous fast-food TV commercial in the 80's in which Clara Peller asked, "Where's the Beef?" We suggest a much more important question: "Where's Your Spouse?"
Of the tasks to deal with after becoming widowed or divorces, financial difficulties are among the most difficult. Some spouses don't even know where their investments, insurance policies, and the like are located.
Being out of the loop about family finances is not necessarily gender-based. Plenty of men rely on their wives to pay bills, manage the retirement savings account, and keep important documents organized and safely stored. Whoever is responsible for the household investing and finances needs to make sure their spouse is in the loop.
In a different scenario, if a parent is elderly, perhaps widowed or divorced, keeping yourself in that loop is essential, especially if you will be an heir and/or the administrator.
Here are some important things to consider:
- Make available the names and contact information for key people including accountants, estate attorney, financial advisors, etc.
- List where key documents are located: Insurance policies, copies of the will, trust information, etc.
- Know where all banking and investments are held.
- Know the details of payment arrangements from pensions, social security, etc.
To make your own list personalized to your situation, just ask yourself: If I were to die tomorrow in an accident, what would my survivors need to know to ensure my family could survive? If my spouse or parent died, would I know everything I'd need to?
If you need assistance with any of this, feel free to contact our office! We can help you get organized and prepared for life's challenges.