December 14, 2022

You probably have a general idea of the different strategies, tools and documents associated with your financial plan, savings, and investment strategies. However, would someone else know where to find this information if something happened to you.

 Especially if you have a financial power of attorney that appoints another agent to step in and manage these affairs on your behalf if you cannot do so, it is strongly recommended that you organize all of these financial materials in one core location. This can be a binder that includes all details about your assets and liabilities.

There are many different documents and materials that you might wish to include in your wealth binder, including:

• Pension statements
• Details on any bonds or CDs
• Printouts of individually held stocks
• Statements for retirement accounts and year-end investments
• Estate planning documents
• Bank statements for savings and checking accounts
• A list of all of your assets
• List of key financial advisors’ names as well as any accountants, attorneys and bankers who may be relevant
• End-of-life wishes
• Renewal dates for insurance policies

When you enable someone else to step in on your behalf to help manage your finances, you will do them a great service by organizing this material in advance. This is also an opportunity for you to review all of these financial details and to determine whether something is missing or needs to be adapted in your overall plan. If you have further questions about creating a financial strategy, set aside a time to meet with the experienced professionals at Shah Total Planning.