Details for FAMILY FOCUS COVER 4
Y Organize Your Finances our debts don’t disappear at the time of death. In many cases, your family may be held responsible for any outstanding obligations. When planning your estate, spend time organizing your finances to ensure an executor knows what you owe and how to make the payments. Your debts don’t disappear at the time of death. In many cases, your family may be held responsible for any outstanding obligations. When planning your estate, spend time organizing your finances to ensure an executor knows what you owe and how to make the payments. A life insurance policy means more than leaving something behind for your loved ones, it should also cover funeral expenses and fund your financial responsibilities. Determine the amount you owe and adjust your plan with an insurance agent. Your family members will be dealing with grief at the time of your death, what you do to ease the stress before the fact, can make it easier for them to adjust. including pensions and annuities. Keep them in a safe place and disclose the location with loved ones. At the time of death, they will require these forms to ensure your contribution is dispersed to the right person, rather than going unclaimed and ending up with the state. Important Documents It’s a good idea to gives copies to your You should print out clear documentation estate planner, attorney or even in a safeof life insurance policies and retirement plans, deposit box. These documents should be easily accessible when they are needed. Convenient Online Banking An Expert in HOME LOANS Serving the area for over 89 years. Farmington | Potosi | Festus | Fredericktown | Ironton Toll Free: 1-866-546-7408 www.ozarksfederal.com Gathering Debts Another set of documents you will need to disclose with your estate executor is a list of your financial responsibilities. These include mortgages, vehicle commitments and credit card debts. Keep your account information in a secure and organized portfolio to make payments easier. Don’t forget to update balances regularly to keep numbers accurate. A great expert to have when gathering your debts is a financial advisor. Together, you can set up beneficiaries for retirement plans, allow family to access accounts and even create savings strategies for your surviving family and finances. Leave Clear Instructions Modern technology makes bill paying easy with services like autopay. Make sure your loved ones know how and what comes out of your bank account. It’s easy to forget small charges like subscriptions and utilities. They should know how to opt out of these fees as every dollar can be crucial when meeting final financial obligations.