Put Your Financial House in Order with These 5 Essential Tasks



It’s hard to believe that summer is already winding down. If you’re like most parents I know, the “To-Do” list below is going to be a little tough to tackle in the midst of Back To School craziness but I hope you’ll take a look and consider checking a few things off when you have time. You’ll gain peace of mind while you confirm that your financial house is in order.

Guardians for minor children — if you have children under the age of 18, you must name a guardian or guardians to ensure that they will never be left in the hands of strangers or people you wouldn’t want raising them. You can name short-term guardians in case of emergency, and then plan for long-term guardianship. We recommend a full Kids Protection Plan® to ensure there is no gap in your kids’ care, ever and no matter what.

Beneficiary review — if it’s been awhile since you updated your beneficiary forms for retirement accounts, life insurance or other assets, it’s time for a review — especially if there has been a major change in your life. Make sure insurance and retirement accounts are never passed on to your minor children, outside of a Trust.

Estate plan review — if you have experienced a birth, death, marriage, divorce or other life-changing event since you last updated your estate plan, you need to be sure those changes are reflected by updating your plan.

Advance healthcare directive — if you become incapacitated and can’t make your own health care decisions, have you named someone who you can depend on to carry out your wishes? If not, you need to execute an advance health care directive that includes a durable power of attorney and a HIPAA release so your medical information can be shared.

Insurance update — is your life insurance still sufficient to meet the needs of your family? If not, then it’s time to revise your policy.

If you are interested in learning more about estate planning for parents, please join us for one of our free educational seminars. Register here.


About the Author - Martha Hartney

A later-in-life attorney, Martha Hartney opened the practice in 2010 to serve the people she loves because she is committed to helping moms and dads bring their greatest gifts into parenting fearlessly and with joy and making sure children are completely cared for if something happens to their parents.

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