Discuss Financial Topics With Your Spouse to Prepare for the Worst.
It is not interesting to think about what happens when you die. This is quite frustrating, but it is important to discuss this issue with your spouse. In the worst case, you want everything to be in order. Preparation can relieve stress during a dire situation.
We’ve told you how to prepare for death , financially and otherwise. But Fidelity reminds us that it’s also important to talk to your spouse about this. Not sure where to start? They suggest that you cover the following:
Fundamentals: List of Financial Accounts. Most likely, you each have multiple financial accounts – checking, savings, mortgage, credit, investment, 401 (k), IRA, etc. Make sure you at least know which accounts you each have and where they are. are. Creating a spreadsheet of account numbers is a great way to keep track of them.
Account Beneficiaries: It is not difficult to specify or update the beneficiaries in the financial accounts. Most financial service providers allow you to do this online. Listing beneficiaries on all accounts can help avoid legal complications in the event of death.
What to do if your other half dies or becomes disabled: Each half of the couple should have these three documents and discuss their wishes with each other: a combination of will or living trust and will “outpouring” … attorney … medical “confidant” …
Emergency planning: Know where important legal documents are: Tax returns for the past two years, marriage and birth certificates, insurance policies, wills and health care powers of attorney are something that both partners need to know where to look for them.
That way, if the worst happens, you’ll be ready. Fidelity details each of these tips in detail, so be sure to check out the rest of their post at the link below.
Four Things to Talk to Your Partner Now | loyalty