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Friday, August 1, 2008

A few things that your family should know about your finances

A few things that comes to my mind are:
  1. Your assets. Compile all your financial information, including:
    • The value of all your personal and financial property.
    • The type of assets you own, retirement accounts, real estate, and life insurance policies.
    • How those assets are owned: jointly with your spouse or another individual, in your name only, or in your trust's name.

  2. Account numbers and locations. Note all of your account numbers, their balances, the telephone numbers of the institutions where the assets are held, and any designated beneficiaries.
  3. Important records. Your loved ones should know where to find other important records, such as the bills you typically pay each month (e.g., telephone, electricity, insurance, subscriptions, and Internet access).
Small things! But nevertheless important.


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