Money Management 101 – part 10

Easy Money Management

Easy Money Management

Our series on  easy money management concludes now as we address Preparing for Your Heirs. Being sure your final affairs are in order.   If you missed any part of this series, be sure to go back and read them.

Planning for Your Heirs

Be sure you have a will or living trust.  Without this you have no say so in where your belongings go and to whom.  Save the headache for your loved ones by having and/or updating your will.

Prepare a master document list for your family that includes your insurance policy numbers, bank account, brokerage account, retirement account, deed and mortgage, tax records and the location of safe deposit box and key, employee benefits and their contact number, social security number, personal papers such as marriage certificate, or military discharge (you’ll need if you plan to take advantage of veteran burial benefits), your computer passwords, credit card numbers, health insurance card, the names of your lawyer and accountant, and name the location of your will or living trust.  This information saves your family untold hours of searching for information to settle your affairs.   And in case of illness or incapacitate for you, everything is listed and easy for your designated trustee to step in and continue your affairs until you recover.

You can consult a lawyer about wills and trusts or use computer software to create your own.  One particularly good resource for software in this area is Nolo Press.  They have excellent software such as debtfree  Pro, Willmaker and Legal Forms.

Hopefully, you have been able to gleam several nuggets from this series. Review and continue exploring the site for additional financial education.

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