By Life Quotes, Inc. Staff

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.