Most couples know that they need to discuss large financial
decisions, such as buying a car, college planning and home renovations.
However, much of the day to day financial maintenance is left to just one
person.
Would you know how to handle your finances if anything happened to your spouse? Here's a financial checklist of information everyone should have about their money:
Location of important documents - Wills, titles, deeds and other vital financial documents are usually stored in a safe or a safe deposit box. Be sure you know where it's located and how to access it.
Keep in mind that in Wisconsin, it can take a court order to open a safe deposit box that is kept only in your spouse's name.
Monthly bills - Find out which bills are paid with which accounts and when they are due.
If you use online accounts, be sure both
partners have the usernames and passwords, or know where this information is
stored. This will reduce the hassle and stress that comes from missing payments
or accidentally overdrawing an account.
List of assets - Each partner should know their combined assets, including real estate, automobiles, personal income tax returns, life insurance policies and investment accounts or mutual funds. Having all of this information readily available will help you avoid being victimized by scammers claiming to have assets that belonged to your spouse that require paying a fee to transfer to you.
Up-to-date wills - This may sound like common sense, but both partners should know where to find the other's most current will.
If you don't currently have a will, it's important to put one together. Even if your finances are simple, it's a good idea to hire an attorney to draw up the documents.
If the unthinkable does happen, there are a few things the surviving spouse should remember to stay in good financial standings.
First, continue to pay debts, including mortgages and utility/phone bills in order to maintain a good credit rating.
Second, don't immediately make permanent significant financial decisions like selling your home. Take time to think these decisions through thoroughly after you've practiced managing your individual finances for a while.
Take these steps now to give yourself peace of mind, knowing
that your finances will be stable, no matter what happens.
Peoples State Bank, Member FDIC
