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Monday, September 17, 2012

Things You Must Do Before You Die: A Financial Bucket List

By: Madame Noire

Things You Must Do Before You Die: A Financial Bucket List
Death is never a subject many people like to think about. But there are several financial steps you need to take to prepare for the inevitable.

According to a new Forbes article, “7 Money Musts Before You Die,” there are key things to do to make sure your family not only inherits your fortune but also understands the family´s financial situation.


Here’s what Forbes suggests:

1.    Make sure you have adequate life insurance.
2.    Update beneficiaries on retirement accounts, annuities and life insurance policies.
3.    Research whether you can add beneficiaries to your other assets, such as bank and investment accounts.
4.    Draft a will.
5.    Consider creating a trust. This is an option to take especially if you have a complex financial or family situation.
6.    Try to involve your spouse in family finances.
7.    Make a record of where everything is.


Besides these steps there are others things to do, according to Investopedia like take stock of what you own, make a list of your debts, the organizations you belong to and charities you support.

You should also make a list of all your social media passwords, so your family can close your email, Factbook, Twitter and other online accounts, a modern issue that tends to get overlooked.


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