Key Financial Steps That Couples Need To Take
April 9, 2019 by Joel Johnson
Marriage is a partnership. There are many demands and expectations that enter into the partnership and therefore equality, respect and trust must be shown by both sides. As you grow the marriage, hopefully, smart investing and sound business decisions have allowed you to grow your financial portfolios as well. Often, one partner takes the lead on the financial decisions and without even realizing, leaves the other partner at a huge disadvantage.
I’ve been in the financial services industry for nearly 30 years and over and over again, I have clients come in after the death of a spouse terribly upset and confused about where to turn next. They don’t know what accounts they have, where to look or even who to contact. According to the Allianz Women, Money and Power Study (2016), 90 percent of women will eventually be solely in charge of household finances. Today, make the time to sit with your partner and discuss your financial status and financial goals along with the following:
Share Passwords
Have all of your passwords to all bank accounts, brokerage accounts, 401(k) accounts in an accessible secure place. By sharing this information now, you will alleviate any anxiety your spouse may feel in the future.
Update Beneficiary Information
Most retirement plans, life insurance plans, annuities and other like accounts allow you to dictate what will become of your assets in the event of your passing. Each account, therefore, asks you to designate a beneficiary. Review these accounts to ensure beneficiary designations reflect your immediate wishes. And, note that beneficiary designations on life insurance policies and annuities override beneficiary assignments on wills.
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