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- Reviewing wills can protect your survivors from financial hardship
- April 26, 2010 3:03 PM
Purchasing life insurance is one way consumers may be able to protect their survivors from financial hardship.
Keeping an up-to-date last will and testament is another important step, according to a report by the New York Times. The report suggests reviewing this document as part of a greater effort to kick your finances into gear, which can also include setting aside more of your paycheck, finding a better bank or rearranging your investments.
“Checking what’s in your will – and making sure you have one in the first place – is important because the beneficiaries and other information you specified in it originally may not be relevant today,” the report says.
The beneficiaries listed in a will – and various other retirement and life insurance accounts – may change following other legal actions like a divorce or marriage.
While it is best to discard some documents regarding income, insurance or credit card payments after a certain period of time, consumers should keep and protect paperwork pertaining to their wills and life insurance policies. It is often best to store these in a locked filing cabinet, safety deposit box or encrypted USB flash drive.
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