There are a few basic things that you can do to get ready for financial planning and filling out the worksheet or just to get organized.
If there is one thing I have learned over my time working with clients and their taxes, it is that almost no one is organized on this. If the thought of putting this kind of information is stressful or daunting, realize that this is the norm but the process really isn’t that bad once you get started. No matter where you are in your journey, realize that everyone has to start somewhere.
- Save PDFs of the following insurance policies
- Term life insurance
- Whole life insurance
- Disability insurance
- Long term care insurance
- Save a PDF of one of each of your retirement and college savings account statements
- Save a PDF of one of each of your checking and savings account statements
- Save a PDF of one of each of your brokerage account statements.
- For real property, get PDFs of the following
- Mortgage Documents
- Deeds if you don’t have a mortgage
- If you have done formal estate planning, make sure you have PDFs of the following if applicable
- Last Will and Testament
- Powers of Attorney
- Healthcare Directives and HIPAA Waivers
- Living or other Trust Documents
- Create and/or log into your social security account. You can then save a PDF of your and/your partner’s expected social security benefits.
- Tax Returns – Save three years of PDFs
Once you have this information together, there are two things you need to do. First, you need to give someone else access to this information or it won’t do you any good if something happens to you. Second, you need to update this once a year. Get rid of documents that aren’t relevant anymore and add new account information.
I am available to help you get these statements if you need for an additional fee. This is not expected or required but it is an option if you need. I suffer from anxiety more than most so I understand sometimes you need someone who can help you gather this information in a nonjudgmental capacity.
