Loving Life Re-Launch 2017 lfcc_newsletter_spring_web | Page 8

1. Review Your Beneficiary Designations
Make sure the beneficiary designations on your life insurance
and investment accounts are current. In some cases, suchas
a 401(k), the designation defaults to a surviving spouse; while
other investment vehicles may include additional flexibility
regarding naming beneficiaries. In instances of multiple
marriages or a predeceased spouse, this information may not
always be current. Depending on the type of account, federal
and state laws may supersede the terms listed in your will.
SPRING CLEANING FOR YOUR PERSONAL FINANCES
by Deacon Jason Good
The re is something about spring that motivates us to
get around to all those the little projects that we have
conveniently and repeatedly put off until tomorrow.
Spring cleaning is at the top of many of our “to-do”
lists. Spring cleaning often involves taking an inventory
of our “stuff” and making decisions regarding what
gets to hang around until this time next year and what
needs to go. Spring is also the time when our income
tax returns are due. This annual deadline should serve
as an important reminder to revisit your own personal
financial plan.
I strongly encourage you to include a review of your
personal finances on this year’s “Spring Cleaning List.”
Please take a few moments to review the checklist
below of these important financial planning tools.
Make the decision today that finally removes these
items from your perennial “to-do” list!
2. Create A Durable Power of Attorney For Finances AND A
Durable Power of Attorney For Health Care
These two documents exercise your intentions regarding your
finances and your health if you were to become incapacitated
and are no longer able to make those decisions on your own.
3. Create A Last Will and Testament
This document outlines what will happen to your possessions
when you die. Generally, a will also allows for a smoother
transfer of your property after death. If you do not have a
will, your property will be distributed as outlined by the law.
Without a will, you essentially have no say in the distribution
of your property. Do not allow the probate courts to decide
how to divvy up your possessions and cause additional
anguish among your grieving relatives. A will can ensure
that your wishes are carried out, and that the state will not
be responsible for making decisions about what to do with
your possessions.
4. Consider Purchasing Term Life Insurance
If your spouse and/or minor children are dependent upon
your income, you should have a term life insurance policy
that will financially provide for them in the event of your
unexpected passing and subsequent loss of income. The
monthly premiums for Term Life insurance policies are
generally more affordable than Whole Life and Universal
Life insurance policies and should be easily integrated into
just about any monthly spending plan. A life insurance policy
may also be used to pay for funeral expenses and other
expenses associated with your death.
5. Organize Your Important Documents
I saved the easiest task for last. Create an itemized list of
all your important documents. This list would include birth
certificates, investment/bank account information, real estate
and other deeds to personal property, and life insurance
policies. Organize and store these important documents in
a secure location that is also readily accessible. Share the
location of these documents and access instructions with two
or three trustworthy individuals. A safe deposit box at your
local bank can be secured for approximately $50 per year.
Another alternative is a fire-resistant lockbox that is securely
stored within your personal residence.
7
8