by: Deletra Hudson, MBA – “The Financial Educator”
As a reminder, October is Breast Cancer Awareness Month. With that in mind, it’s important to support those who have been affected and work on getting your financial house in order. The first step to getting your financial house to entail a financial plan, making sure your financial plan is documented, and that your executors know what your financial plan is.
How to set up the blueprint for your financial plan:
The definition of a financial blueprint is a document with specific and important information, providing directions if something were to happen to you. The most important information to cover within your financial blueprint is what you envision for your plan, who will be exacting your plan, what is the direction of the plan, where will your plan document be kept, and where will your documents be kept. It is important to make sure that information is shared with family members or responsible parties that will be exacting your financial plan, so they may know exactly where to find it.
When creating your life insurance policy or opening bank accounts, think about selecting someone who is fiscally responsible. They will be your “voice after death”, this is a person that will be exacting your estate if you are not capable of speaking for yourself or after death. Once you decide on your fiscally responsible party, make sure to communicate their role in your financial plan. They must know where your financial plan documents, bank account information, and investment information are located.
There’s nothing more stressful for family members in a moment of grief than to not have direction in handling the estate of a loved one who had passed. So, take care of getting your financial house in order.
If you are not already a part of the conversation, join in the conversation at the Money Boss Wealth Club!