A New Kind of New Year’s Resolution
Posted on January 2, 2013
‘Tis the season for family gatherings and New Year’s resolutions! This year, make a different kind of financial resolution — a resolution that puts your family first. Resolve to get your financial affairs in order.
Getting your finances in order means planning for what will happen to you and your assets should you die, become incapacitated or unable to work. For your family, this means getting organized so that you are not leaving them with major burdens or financial hardship.
Here are several things you can do to get your affairs in order:
ORGANIZE YOUR PAPERWORK
Make sure that all of your important papers and legal documents are together in a safe and secure place; check if they need to be updated on an annual basis. Tell a trusted family member or friend where all of your important paperwork is so that it can be easily located. They will need to know where to find your information if you are not able to tell them yourself.
REVIEW YOUR INSURANCE POLICIES
Do you have all the appropriate insurances such as life and/or long-term care? If so, review these policies to make sure they are still appropriate and don’t forget to check your beneficiary designations. Beneficiary designation forms override what your will or estate plan may say. Make sure you have the right people on the receiving end of all of your policies.
PLAN YOUR FINANCIAL LEGACY
While you know how important it is to save and budget, do you have a comprehensive financial plan? A financial plan can not only help you preserve and grow your assets for retirement, but can also help you be in a position to leave assets to your family, friends, church or other charitable organizations. Understand the legacy you want to leave behind and make a plan to do so.
Getting your financial affairs in order can be tricky, but a Chemical Financial Advisor can help you make a resolution that will ensure the best for your family.
To learn more about what Chemical Financial Advisors can do for you and your family, visit ChemicalFinancialAdvisors.com or call 800.808.5404 to find a trusted advisor to help you cross this New Year’s resolution off your list.
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