Blog Archives for tag beneficiaries
How many kids do you have? Do the kids ever disagree? Is one a dominant personality? Are they equal in financial assets? Do they have spouses that get along well with your family?
These are some of the questions to answer when pre-planning your final arrangements. By making your pre-plans, one important gift you are giving your kids is family harmony. My dad used to say we shouldn’t “borrow trouble.” However, when no pre-plans are in place – that is exactly what we are doing – borrowing trouble, especially if our children are not “equal” financially and personality-wise.
One of the most common omissions that people make in their financial planning is to review their beneficiaries every year or so. Choose a specific date and make yourself a reminder, along with a list of your holdings and take the time for a review. If you have a financial advisor, review your beneficiaries with him/her. Make a list of all of your insurance policies, your bank accounts and your investments. Make sure that the person(s) listed as beneficiaries is still appropriate.