Helpful Tips – Your Financial Records

It can be helpful to your spouse and children to compile a complete record of your financial life.  Include lists of brokerage accounts, mutual funds, real estate holdings, bank accounts, annuities, CDs, safe deposit boxes, life insurance and other financial information.  This record should also include contact information, user IDs and passwords.  You should also include records of credit cards, loans and mortgages, automatic withdraws and deposits.  In addition, this would be a good place to store your estate planning documents, a list of your professional advisors and instructions as to who to contact and what to do when you are gone.  Maintain all of these records in a fireproof safe, safe deposit box or other secure location.  Having a quick resource for family to turn to can safe untold headaches after you pass away or become incapacitated.

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