Are Your Financial Affairs In Order?
Important information for seniors and their children
Courtesy DATCU Credit Union, Denton LIVING WELL Magazine
Remember that old cliché that there are two things for certain in this life … taxes and death. Unfortunately, this is true. The reality is that death will come to all of us. Young or old, being financially prepared is critical.
We often deal with families, after a loved one’s death, and they simply aren’t prepared with the proper information. Consequences can be unpleasant. Hence, the desire to write this article and share a little wisdom on the subject.
First of all, being too busy is no excuse for procrastination. It is imperative that you sit down with your loved ones and discuss the following:
1. Consolidation of all financial information in one document. What is needed?
All bank or credit union account information
All investment account information
All retirement account information
All insurance policy information
All loans and credit card information
Social Security card information
Make sure you place this is in a secure place like a safe deposit box which your spouse (or children) can access.
It is extremely important that all accounts reflect your wishes. We recommend that you sit down with a financial advisor or attorney and make sure that ALL DOCUMENTS are in proper order, with designations of ownership and/or beneficiary designations after your death.
2. Make sure you have a will. Your will outlines your wishes for your spouse, your children, and your property after you die. If you neglect this very important document you may well cause feuding within your family. In the state of Texas if you don’t have a will, the state will do it for you. Wouldn’t you prefer to make that decision yourself?
3. Do you have life insurance? If you’ve got a family, you need to give very serious consideration to purchasing life insurance. There are multiple options and if the budget is a concern, remember that term insurance is inexpensive. Simply put, regardless of your age, it is important that you plan for death and the care of the loved ones you leave behind.
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These are just a few minor points to get you “thinking” about your future wishes. There are many other important matters to attend to as well. These include living wills, medical power of attorneys, advance healthcare directives, and living trusts – just to name a few.
Remember that when death occurs, expected or not, your family will be mourning and in grief. Make sure all of your financial affairs are in order. Consider this a last gift to your loved ones.
If you ever need financial help or advice, it would be our pleasure to serve you.
Dale Kimble, president/CEO of DATCU Credit Union may be reached at 866-387-8585.
