Be Prepared for the Unexpected
In the wake of 9/11...

Make sure your life is in order
If you're like most people, there are parts of your life that you know you need to put in order, but you keep putting them off. Now, more than ever, it should be apparent that it makes sense to make sure your records are safe, and your estate is prepared for the unexpected. Here are some of the key issues you need to address:

Create or update your will
Many Americans haven't even taken the time to draft a simple will. The risk of not having one is that the state will have to determine what happens to your assets when you die. A will should also address who becomes guardian of your minor children in the event both spouses pass away. If you have a will but haven't looked at it in years, make sure it is current.

Check beneficiary designations
A number of your financial accounts, such as annuities, IRAs, and workplace retirement plans, include beneficiary designations. Make sure these are completed, and the people designated are still consistent with your wishes.

Have estate plans in order
If you wish to designate specific gifts or charitable intentions, you need to have these plans in place. It may be appropriate to work with an estate planning specialist to make certain the proper paperwork, such as trust documents, are completed. In some cases, life insurance or annuities may need to come into play to help protect the estate and your ultimate desires for the distribution of your assets.

Go through your records
When it comes to handling your estate efficiently, your heirs and executors will appreciate it if all of your paperwork is in order. Avoid having pertinent records scattered about in different locations. Try to combine them into one spot, and, if necessary, keep them protected in a safety deposit box. This includes records of financial assets, life insurance policies, your will, living will documents, and any trust documentation. Get rid of old records that are no longer current, including bank records more than three years old.

By taking a little time to put your financial life in order, you'll feel a lot better about the state of your personal affairs. The investment in time is well worth it and something your family will appreciate.

Content is for informational purposes only and may not accurately reflect your specific situation. Information is not intended to provide financial, legal, tax, or accounting advice. You should consult a qualified advisor for advice specific to your own circumstances.