1st Quarter, 2024
TAKING INVENTORY OF YOUR FINANCIAL HE ALTH
T
o take care of our health, we see our doctors for regular checkups. Regular checkups are just as important to our financial health. As you organize the items on this checklist, know that it will be a helpful process not only for you, but also for your loved ones if something should happen to you.
by
T O D D A DA M S
chief executive officer
CAN YOU ( AND YOUR LOVED ONE S) FIND THIS INFO?
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Financial and Property Records: Make an inventory of your bank account information, real estate deeds, and vehicle titles. If you have a safety deposit box, does someone else know where to find the key?
Financial Records Retirement Information Social Security Records Insurance Policies: Life, Property, Health Your Will & Other Estate Documents Financial POA, Medical POA, Advance Directive Digital Records & Passwords
Can you locate your most recent tax returns? What about contact information for professionals such as your accountant and family attorney? Retirement Savings: Take a look at your retirement plan. Are you on track for what you want to do? Have you checked your Social Security earnings lately? As you approach retirement, you’ll want to be well versed on your collection options. Insurance Policies: Do you have adequate life insurance in place, and are the beneficiaries up to date? As the year progresses, keep track of your health insurance deductibles and out of pocket expenses. Given the rate of inflation, are the limits adequate on your homeowner’s and other property insurance policies? Adams Insurance Advisors, our sister agency, can help you with a policy review to make sure you’re mitigating risk with proper coverage in all areas.
Legal Documents: Are your will and other estate planning documents up to date? If something happens to you, who is going to take care of your affairs? Do you have both financial and medical powers of attorney (POA) in place? What about an advance directive or living will? Have you talked with the people you’ve selected as representatives so t hat t hey k now t heir responsibilities and where to find things?
You might think a safety deposit box is the best place to keep power of attorney documents, but the need to access them may arise outside the bank’s business hours. Your purse or vehicle glovebox might be a good additional storage place for copies. Copies should also be placed with the representatives who will need them. Digital Records & Passwords: It’s also important to document the digital aspects of your life, such as your email, social media accounts, and any cloud-based storage systems or subscriptions that store photos or important documents. You’ll want to keep all your passwords safely organized and tell your family or representatives where to find them. Periodically clean out your email inbox and addresses so that you’re maintaining just the records and contacts that you need. Sometimes the future shows up unexpectedly. There’s no time like the present to prepare. If you fail to plan, you’re planning to fail.
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