In an interview on MsMoney.com, Kerry Hannon, author of Suddenly Single: Money Skills for Divorcees and
Widows, said she wrote her latest book after seeing loved ones face
financial difficulties after becoming widowed or divorced.
“Some didn’t even know where their investments, insurance policies and
the like were, or have a grip on their cost of living,” Hannon told
MsMoney.com.
Being clueless about the family finances isn’t a gender issue. Plenty of
men rely on their wives to pay bills, put money aside for savings and
retirement, and keep important documents safely stored.
If you’re the one responsible for the household investing and finances,
you need to make sure you are keeping your spouse in the loop. That includes:
- Knowing
the names, firms and phone numbers for key advisors including your
investment manager, accountant and estate attorney.
- Knowing where key documents, such as insurance policies, copies of your wills and investment account statements, are stored.
- Having
an overall idea of your financial situation.
- Knowing
where all banking and investment accountants are held.
Even a non-working spouse should have an estate plan that includes cash
and investments, real estate and insurance proceeds. If one spouse does not
work, the working spouse should have not only life insurance but disability
insurance. Life insurance on the non-working spouse can also help offset costs
such as childcare that may be needed after her death.
If you have an elderly parent who is widowed or divorced, you may want
to have the same discussion (although it may be more difficult than with a
spouse.) If a parent plans to leave a sizable estate to a child, it’s important
that the heir know where documents have been kept and which key advisors to
contact.
If you have trouble figuring out what your spouse does and does not need
to know, ask yourself this question: If tomorrow I were killed in an accident,
what would my spouse need to know to ensure the family could survive
financially?
Michael L. Schwartz, RFC, CWS, CFS, is President of Schwartz Financial
Services and has over 30 years of experience working with retirees and those
about to retire. Michael can be reached at (215) 886-2122.
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This article is for informational
purposes only. This information is not
intended to be a substitute for
specific individualized tax, legal or investment planning advice as individual situations will vary.
For specific advice about your situation, please consult with a financial professional.
specific individualized tax, legal or investment planning advice as individual situations will vary.
For specific advice about your situation, please consult with a financial professional.
Content Provided by Schwartz Financial
Copyright 2014
Michael L. Schwartz,
RFC, CWS, CFS, a registered principal offering securities and advisory services
through Independent Financial Group FINRA-SIPC. Schwartz Financial and
Independent Financial Group are
unaffiliated entities