25 Important Documents You’ll Need Before You Die

death-dossierDesign your “Death Dossier” soon or you could be setting up your heirs for frustration and financial pain:

25 Important Documents You’ll Need Before You Die
The Essentials
• Will
• Letter of instruction
• Trust documents
Proof of Ownership
• Housing, land and cemetery deeds
• Escrow mortgage accounts
• Proof of loans made and debts owed
• Vehicle titles
• Stock certificates, savings bonds and brokerage accounts
• Partnership and corporate operating agreements
• Tax returns
Bank Accounts
• List of bank accounts
• List of all user names and passwords
• List of safe-deposit boxes		 Health-Care Confidential
• Personal and family medical history
• Durable health-care power of attorney
• Authorization to release health-care information
• Living will
• Do-not-resuscitate order
Life Insurance and Retirement
• Life-insurance policies
• Individual retirement accounts
• 401(k) accounts
• Pension documents
• Annuity contracts
Marriage and Divorce
• Marriage license
• Divorce papers

Learn more in this article

Got retirement plans? Your spouse may disagree

couple

A recent survey by Fidelity shows that wives and husbands don’t share retirement-planning duties nor agree on the plan:

  • Only 41% of couples surveyed handle retirement investment decisions together.
  • Only 17% of couples say either spouse is prepared to assume sole responsibility of their retirement finances.
  • Although women are more likely to outlive their husbands, only 35% of wives say they are completely confident in their ability to take over the finances. 72% of husbands feel they can.
  • 33% of couples say they don’t agree or don’t know where they plan to retire.
  • 62% of couples nearing retirement don’t agree on the age at which to stop working
  • 47% of couples nearing retirement don’t agree on whether they will continue to work in retirement.

Here’s what you should do and know:

  • Both husbands and wives should know where critical documents are kept
  • Both need to know what to do if their spouse is no longer able to assist with financial decision-making
  • Both should have an understanding of the family’s finances, savings, and investment goals.
  • Both should become active in financial planning and meeting with the family’s financial planner and investment manager.
  • Both husbands and wives should talk about retirement and finances more often together for better agreement and mutual understanding.

Simplicity

simplicity-006

Although we live in a complex world, this doesn’t mean we have to accept nor invite complications. In fact, very often a simple solution is the best solution.  So what are some possible non-complex approaches to complicated finances?

Advisor Tony Isola, CFP, has a few ideas for you to consider:

  • Automate your retirement contributions and eliminate the default status of doing nothing;
  • Try to stay married (divorce is a great destroyer of wealth);
  • Buy experiences and not things, and de-clutter your life while increasing happiness;
  • Do not spend $250K for a four-year private college education for your children;
  • Exercise and eat right; this will save you a boatload of cash on health care in the long run;
  • Bank at a credit union;
  • Do not invest a dime on an investment “tip;”
  • Don’t be cheap when finding an accountant;
  • Check your investment portfolio annually, not every day;
  • Don’t cheat people because karma is a bi*ch; and
  • Get disability insurance.

Sir Isaac Newton chimed in on the subject as well: “Nature is pleased with simplicity and nature is no dummy.”

Source: ATM

Pundit or Professional?

pundit

What’s the best source of financial advice?  A pundit or a professional?  Charlie Bilello, the Director of Research at Pension Partners, provides this perspective-building comparison so you can make the right choice:

Pundit (noun): A supposed expert in a particular field who is frequently called on to give opinions to the public. See also Dennis Gartman.

Professional (noun): A person competent or skilled in a particular activity. See also John Bogle.

***

The Pundit spends their days making subjective predictions.

The Professional spends their days making objective assessments.

***

The Pundit seeks self-promotion.

The Professional seeks self-improvement.

***

The Pundit exudes hubris.

The Professional exudes humility.

***

The Pundit is forever calling for the next big melt-up or crash.

The Professional is forever focused on avoiding the next big mistake.

***

The Pundit seeks out only opinions that confirm their views.

The Professional seeks out all evidence, even if it runs contrary to their views.

***

The Pundit believes they know everything.

The Professional knows they know nothing.

***

The Pundit makes a living selling fear and greed.

The Professional makes a living helping to control these emotions.

***

The Pundit has a sense of entitlement.

The Professional has a sense of gratitude.

***

The Pundit seeks to inform.

The Professional seeks to educate.

***

The Pundit makes extreme forecasts to gain attention.

The Professional forecasts wide ranges of possible outcomes to gain respect.

***

The Pundit thinks in terms of long or short, this market or that market.

The Professional thinks in terms of asset allocation and the entire portfolio.

***

The Pundit believes in certainty, conviction, and precision.

The Professional believes in uncertainty, reservation, and probabilities.

***

The Pundit reads the news and listens to financial TV.

The Professional reads books and listens to podcasts.

***

The Pundit sees everything in markets as black or white.

The Professional understands there is often a gray area.

***

The Pundit makes the simple sound complex.

The Professional makes the complex sound simple.

***

The Pundit has a prophecy.

The Professional has a plan.

***

The Pundit has an answer for every question.

The Professional is often saying “I don’t know.”

***

The Pundit is an entertainer.

The Professional is an educator.

***

The Pundit gives recommendations.

The Professional offers guidance.

***

The Pundit provides a reason for every wiggle in the market.

The Professional provides evidence of randomness and noise.

***

The Pundit believes their success is a result of their exceptional talent.

The Professional understands their success is a result of hard work and luck.

***

The Pundit lectures.

The Professional listens.

***

The Pundit is thinking about the next day.

The Professional is planning for the next decade.

***

Pundit or Professional? The choice is yours.

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