Financial Record Review
Posted by Laura Nelson on July 8, 2009
By James J. Renn, Chief Executive Officer
Lisle Savings Bank
Your financial future can only be in focus once you’ve developed a financial plan. This plan, however, can’t be effectively implemented unless you have an accurate listing of everything relevant to your financial affairs. Putting this list together gives you the foundation for budgeting, saving, investing for age-based financial goals and eventually retirement or estate planning. Keeping this list current is especially important in assisting your family in settling your final affairs.
Keep your records in one secure place, and make sure that a family member or friend knows the exact location of your records file. Along with your records, you should provide information about insurance policies, bank accounts, deeds, investments and other valuables to insure that all of your assets can be found when the need arises.
The following is a list that should be the core of your financial records: sources of income and assets (pension funds, dividend/interest income, etc.), social security and Medicare information, insurance information (life, health, property and auto with policy numbers), bank and investment account statements, location of safe deposit boxes, tax returns, list of liabilities, including how and when payments are due, location of personal items and, finally, the location of important documents like a will, letter of instruction and power of attorney.
Having your financial information organized will not only assist you with intelligent decisions today, it will enable you to meet the challenges of your later years. Also, it will further assist your heirs in handling your final affairs.
Lisle Savings Bank is a hometown community bank with two locations: 1450 Maple Avenue and 4720 Main Street, Lisle. Contact them at (630) 852-3710 or www.lislebank.com.
Tags:Money
