A Financial Plan B Can Address the “Elephant in the Room”
Do you have a Financial Plan B for beneficiaries?
We’re talking about the matter of what can confront couples when one of them passes on. It’s the ‘elephant in the room’ that may seem too awkward to talk about. But it’s also too important to ignore..
You see, the problem is, we all tend to assume roles in relationships. One partner does the bills, another handles the investments. Or one knows the codes or passwords to this or that … but the other manages the paperwork. That may be fine for now – but not when one partner’s not around anymore.
Here’s some important information that each couple – and maybe even your children or key advisors – should know about:
- Contact information for financial professionals — insurance agent, accountant, attorney, banker, etc.
- Wills, insurance policies and other legal documents, such as powers of attorney, living wills, trusts, etc.
- Real estate documents, such as mortgage company statements, titles, deeds, rental or lease agreements, etc.
- Company benefits contacts, if entitled to pension, 401(k), stock options, workplace life insurance, etc.
- Safe deposit box location and key; plus a list of contents kept somewhere other than in the box itself
- Original birth certificates, marriage licenses, divorce decrees, naturalization papers
- Financial accounts and statements, credit card numbers and contact information
- Spouses’ Social Security numbers — and where original cards are kept
- Car titles, registrations, loan or lease agreements and insurance
- Passwords for banking, investment, tax and other accounts
- Proof of military service if eligible for benefits
- Tax records for the most recent five to seven years
- Access information for a safe or vault
- Funeral arrangement preferences
