Family Law

Your Family's Financial Plan: Are You Prepared in Case of a Family Catastrophe? (Part One)

By Ben Stevens

Today, I am proud to present part one of “Your Family’s Financial Plan:  Are You Prepared in Case of a Family Catastrophe?” by Aimee Waite, a Financial Advisor with Raymond James & Associates.  I want to thank Aimee again for allowing me to publish her series, and I hope that my readers find it enjoyable and informative.

Part One:  What you should know about your family’s financial plan in case of a family catastrophe and how to prepare now.

Every married woman and man should insist on knowing specifics about the family’s financial plan. Even if you feel that numbers are not your thing, remember that it’s easier to understand these things now, before a catastrophe happens, than while you’re dealing with difficult times. These simple steps may alleviate some of the stress you’ll face:

1. Open at least one checking, savings, or money market account in your own name. If it’s a joint account, list your own name on the account, Mary Smith, versus Mrs. John Smith.
2. Get a credit card in your own name. This will help you establish a history of credit which may be essential if you find yourself on your own.
3. With your spouse, review your wills, life insurance, trust agreements, and other important documents. It’s important to know where these documents are located and how to get to them in case of an emergency.
4. Participate in meetings with your financial advisor, attorney, and accountant. Don’t be afraid to ask questions and know how to get in touch with these professionals.
5. Know how to read your financial statements. Again, don’t be afraid to ask questions, and if you’re unsure of something, ask your financial advisor. That’s part of the service for which you are paying and your financial advisor wants you to be comfortable with your investments and financial plan.

Full post as published by SC Family Law Blog on February 01, 2008 (boomark / email).