6 Important Money Musts Everyone Should Do

Many of us do not want to think about what might happen to your family should something happen to you, but no matter what, it is something we must all plan for no matter what. Although it doesn’t always happen, it’s important to note that it does happen and you can never be too careful or too prepared for the future. One of the greatest things you can do for your family is making sure they and your finances are in a good place in case something does happen to you.

Although these are merely suggestions, check out these 6 money musts you to do to help anyone prepare for the unexpected.

1. Organise assets and bank accounts.

Check over any assets you may have such as land or real estate making sure the proper plans and process have been put in place to make sure everything is automatically transferred over to all beneficiaries and what should go through your estate.

Make sure your spouse or partner has complete access to all accounts so they do not have to worry about money while your estate gets sorted out. It all seems self-explanatory, but more often than not, these things are commonly not done often leaving loved ones with unnecessary financial hardships.

2. Double check life insurance policies.

If you don’t have life insurance, but you have a significant other and/or a child/children that will be left behind, making sure you have a life insurance policy in place will ensure that they will have some assistance with daily finances and major expenses such as going to college or university.

3. Keep beneficiaries updated on life insurance and your super.

Make sure you keep your list of beneficiaries on all policies, including your super, completely up to date. If anything changes, it’s best to be sure you change it right away. Once you’re gone, little can be done to make sure the correct person/people receive any payouts.

4. Keep your partner in the loop.

If your partner does not know what is happening, start getting them involved in at least this part of the planning process. Make sure they know where you bank, who your lawyer is, and who is handling the estate and finances. This will keep things clear should something happen to you.

5. Make sure you have a will in place.

If you don’t have a final will and testament, write one up and have it filed right away. If anything at all about your will needs to be changed, make sure you update it immediately.

6. Keep documents secure and safe.

Make sure the person managing your affairs has access to all of your documents and information, such as policy and account numbers, but remember to keep these things safe and secure. It’s not advisable to make multiple copies, but making an electronic and paper copy will help make sure everything is organised and contained.

If you want to make sure you prepared for the future, talk with a financial advisor Sunshine Coast to help you get started today.