No one likes to think about medical emergencies, accidents, or unexpected life events. But having your financial affairs organized ahead of time can make an incredibly difficult situation much easier for you and the people who care about you.
Whether you're retired, approaching retirement, or simply planning ahead, taking a little time now can help reduce stress later.
Create a "Financial Information Folder"
One of the most valuable gifts you can give your loved ones is clear, organized information.
Consider keeping a secure folder—either physical, digital, or both—that includes:
- A list of your financial accounts and institutions
- Contact information for your financial advisor, attorney, accountant, and insurance agent
- Insurance policy information
- Social Security and pension details
- Mortgage or loan information
- A list of recurring bills and subscriptions
- Safe deposit box location and access information
- Estate planning documents and where originals are stored
- Beneficiary information
- Password management instructions (never write passwords directly on the document unless stored securely)
Remember to review and update this information at least once a year.
Review Beneficiaries Regularly
Beneficiary designations on retirement accounts, annuities, and life insurance policies generally determine who receives those assets, regardless of what a will may say.
Major life events such as marriage, divorce, the birth of grandchildren, or the passing of a loved one are all good reasons to review beneficiary designations.
Keeping them current helps ensure your wishes are reflected.
Make Sure Someone Knows Where Everything Is
Many families know that important documents exist—but not where to find them.
Consider letting a trusted family member or executor know:
- Where your estate planning documents are located
- How to contact your professional advisors
- Where your emergency information is stored
- How to access important records if needed
This doesn't mean sharing every financial detail today—it simply means making sure someone knows where to start if an emergency arises.
Keep Important Documents Up to Date
Review these documents periodically:
- Will
- Financial Power of Attorney
- Healthcare Power of Attorney
- Living Will or Advance Healthcare Directive
- Trust documents (if applicable)
If your family situation has changed or it's been several years since these documents were created, it may be worth discussing them with your attorney.
Don't Forget Your Digital Life
Today, many financial accounts are accessed online.
Think about how a trusted individual would locate:
- Online banking accounts
- Investment accounts
- Insurance portals
- Email accounts used for financial communications
- Password manager information
Planning ahead can save your family significant time and frustration.
Small Steps Today Can Make a Big Difference Tomorrow
Being financially organized isn't about expecting something bad to happen—it's about making life easier for the people you care about if it does.
Taking a few hours to organize important information today can help reduce confusion, avoid unnecessary delays, and provide peace of mind for both you and your family.
If you're unsure whether your financial accounts, beneficiary designations, or retirement plans are aligned with your current goals, we're always happy to have a conversation.
At Skemp Financial Services, our goal is to help clients stay organized, informed, and prepared for whatever life may bring.
Disclosures: This material is for informational purposes only and is not intended as tax, legal, or investment advice. Investors should consult with their tax advisor or financial professional regarding their individual situation.