Your financial preparedness checklist

Your legacy is more than a bank balance. It’s the impact you make on your community and your family. Here are six tips for turning a nice thought into a powerful reality:

Get organized
Ensure your personal information – bank account and investment contract numbers, insurance policies, tax information, etc. – are up to date and stored somewhere safe and accessible by your advisor, attorney, beneficiaries or family members.

Check your will
Make sure you have a will and it reflects your current intentions. Do the same with any power of attorney or other legal documents. If you don’t have a will, or need to change it, contact your advisor to obtain the name of an estate legal advisor who can help draft yours.

Name names
Select an executor for your estate and ensure that all beneficiary designations complement those outlined within your will.

Consolidate your finances
Streamline your investments and bank accounts to simplify administration. Having joint accounts makes it easier to ensure resources are readily available.

Minimize taxes
Consider investments and strategies that allow your estate to bypass probate and minimize the tax bill for the next generation.

Discuss your plans with family
Keeping them informed can help them understand your decisions.