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Don't Keep It A Secret
Although your financial information is meant to be kept confidential, don’t keep it a secret from your spouse or beneficiaries. When you take this secret to the grave, your survivors could stand to lose a great deal!
A simple way to share your important financial information is to keep a financial summary document that is updated annually. The document should include the following items:
- Bank accounts. List checking and savings accounts and name and location of institution(s). Include information on any T-bills, CDs, etc.
- Insurance policies. List company, policy number, agent, and location of insurance policies.
- Stocks, bonds and mutual funds. List names and location, also the name and address of brokerage firm.
- Safety deposit boxes. Give location of safety deposit boxes, private vaults, home safes. Include the name(s) of person (s) holding key, combination or password.
- Real estate. List real estate holdings and location of mortgages, deeds, and documents.
- Will. Give location of will.
- Corporate benefits. List of pensions, profit sharing plans, and 401(k) savings plans. Include the contribution amounts, vesting rights, and name and telephone number of corporate contact.
- IRAs. Give locations and details of Individual Retirement Accounts.
- Advisors. List name and telephone number of attorney, accountant, financial planner, etc.
- Loans. List amounts and due dates, also the name and address of lender(s).
- Tax returns. Give location of state and federal tax returns for the past five years.
Keep the original of your financial summary document in a file where you will update it annually. Make sure the appropriate people know where the original document is kept, and sign and date the original. Keep a copy of the document in a working file where you can place information throughout the year that will be used to update your document. Once a year, create a new signed original financial summary document.
These simple steps will make life a whole lot easier for your family if anything unexpected should happen to you.
California residents may use this form to request more information. California residents may also call Jim Hetherman at 818-636-7869 (CA Ins License # 0B21307). Jim Hetherman's direct email address is Jim@Hetherman.com. |
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