This checklist can help guide you through some important financial decisions and documents you should have in place for your family. Knowing that you have taken important steps to protect your family’s finances will help you sleep sound under your new roof.
Create a Will. A will is the most important financial document you can have. It ensures that the care of your family and your property will take place according to your wishes in the event of your death. A living will can also specify the kind of medical treatment you want if you are seriously or terminally ill. Have a lawyer help you draft up your will and medical wishes, or use software that can help you do it yourself. Once these are done, provide copies of these documents to your family and primary care physician.
Fireproof Important Documents. Storing important personal financial documents in one easy-to-find location is key in the event of an emergency. Think financial accounts, contact numbers, logins, and passwords in addition to passports, marriage licenses and social security cards. A fireproof safe or a safety deposit box at the bank is a good investment for any home buyer and can ensure safe-keeping of your most valuable information.
Adjust Your Life Insurance. You have worked really hard to purchase your home. If something happened unexpectedly, life insurance could ensure that your family could afford to remain in the home. Talk to your financial representative to find out which kind of life insurance makes the most sense for your situation.
Build a Nest Egg. While you're setting up your household budget, take time to set a little aside each moth to contribute to either a college savings or retirement fund. Working the dollars into the budget now will help you stay on track with your contributions.