|
E-mail this page to a friend!
Guarding Your Wealth for Senior Citizens
Do Not Leave Your Children the Challenge of Sorting
Out Your Estate
By Jeffrey D. Voudrie, CFP
April 9, 2007 - Recently, I shared the
heart-wrenching story of a young soldier who had to deal with the
unexpected death of his mother. She didn’t have her affairs in order and
now her son has the extremely difficult task of recreating her financial
details from scratch. Here are some simple steps you can take to ensure
that your loved ones aren’t left in a lurch.
First thing you need to do is create a ‘survivor
file’ which will contain all of your important financial and personal
information. Secondly, you need to tell someone you trust where to find
it should the need arise. Maybe you’ve put your will or living trust in
a safety deposit box. Perhaps you have a filing cabinet containing your
pertinent financial information. Your computer might hold the bulk of
your money details.
No matter where or how you have this information,
it is vital that your spouse and one other person you trust know about
your ‘survivor file’, its location and how to access it. It doesn’t help
if your spouse is the only one who knows about it if you are both killed
or injured in a car accident!
Your ‘survivor file’ needs to encompass several key
areas. Your will or living trust is the most important. Of course, this
assumes you have these documents. 70% of Americans die without even a
will. Fewer still have a Medical Power of Attorney, Durable Power of
Attorney or a Living Will, which will all come into play should you
become incapacitated. I can’t emphasize enough how important it is to
have these properly executed and updated estate documents in place.
Along with your estate documents, your ‘survivor
file’ needs to include a list of financial institutions where you have
accounts. Included should be banks, brokerage firms, insurance
companies, credit cards, pension plan providers and the like. A simple
way to do this is to place either an original or photocopy of a
statement from each institution in your ‘survivor file’. It should list
the account number, how it’s registered and the institution’s name.
Don’t forget to include the locations of any safety
deposit boxes (and the keys) you have. If this is where you keep your
‘survivor file”, be sure your trusted person knows where it is and has
the ability to access it. Be sure to list all passwords for your
computer and on-line accounts.
Your ‘survivor file’ should also list professionals
you regularly consult, such as your attorney, accountant or CPA,
insurance agent, financial planner, broker and the like. State your
wishes for your funeral arrangements. If you have pre-planned your
funeral or have a final burial insurance policy, be sure to list this
information as well.
How your personal possessions are divided can
create all sorts of tension among your heirs. Listing who gets what in
writing, with pictures or on video will put an end to any arguments.
Often this information is included in your will or living trust. If it
is, be sure to keep it updated. Your trusted person needs the ability
to secure these assets at your death so your wishes can be carried out,
instead of your loved ones carrying out your treasures at their own
whim.
If you have pets, be sure to include them in your
estate plan. Who do you want to care for them after you’re gone? Make
sure this person is willing to assume this task beforehand and include
in your ‘survivor file’ any pertinent information such as your pet’s vet
and any medical conditions.
Lastly, if you’re one of those people who have
hidden money under the mattress or put guns up in the attic, make sure
you note their location in your ‘survivor file’. Otherwise, they might
never be found!
Don’t leave your loved ones hanging. Create your
‘survivor file’ today and make sure it is clear who is in charge when
you’re out of the picture. That way, you can help avoid confusion and
misunderstandings during what will already be a difficult time for those
you love.
If you have a specific question or would like more
information, give me a call toll-free at 1-877-827-1463 or you can also reach me by email at
jeff@guardingyourwealth.com.
I will answer your financial question FREE.
About Guarding Your Wealth:
“Guarding Your Wealth” is a
nationally syndicated weekly personal finance column written by Jeffrey
D. Voudrie, CFP. Mr. Voudrie is the President of Legacy Planning Group,
a private wealth management firm that employs sophisticated proprietary
strategies designed to protect and grow its clients' investments. Visit his website,
www.guardingyourwealth.com to read past articles under the Guarding
Your Wealth Article Archive that may not have appeared in
SeniorJournal.com.
Guarding Your Wealth for Seniors, on
SeniorJournal.com, is
a collection of columns by Voudrie that deal with issues of particular
interest to senior citizens.
Click here
for all columns.
In addition to being a nationally
syndicated columnist and Certified Financial Planning Practitioner, Mr.
Voudrie provides personal, private money management services to select
private clients
nationwide.
Looking for an energetic expert who
is passionate about financial and wealth management? Mr. Voudrie is an
excellent speaker who will excite and inspire your audience. Mr. Voudrie
is available for a limited number of speaking engagements, television
appearances and radio talk shows. For bookings, email
jeff@guardingyourwealth.com.
Click to More Senior News on the
Front Page
Copyright: SeniorJournal.com |
