d This Winter
IT’S FINANCIAL WELLNESS MONTH!
ATIENTS
3 Financial Strategies for Your Estate Plan
When you think about financial planning, you may think of creating a budget, adding money to your 401(k) and any savings or retirement accounts, or making financial goals. While these steps are essential, financial planning is also used within estate planning. In honor of January being Financial Wellness Month, here are three things you can do to prepare your finances within your estate plan. Review your financial accounts. As you’re reviewing your assets, it’s best to double-check that all accounts are listed in your plan. It will also be beneficial to create a document containing your usernames and passwords to your banking and other financial accounts. These passwords will be helpful if your financial power of attorney needs to look at your accounts, pay bills on your behalf, or sell property and other belongings.
one can share fond memories, or you can cut out clippings from magazines that interest you. You can help them sort images according to subject, date, color, or event to improve their mental muscles. You can do many activities inside with your loved ones, but we understand that there is more to caring for someone with dementia than developing activities for them to keep them engaged. Because of this, Julie Anderson created the book “You’re Not Alone: Living as an Alzheimer’s Caregiver” to provide the resources and information you need during this time. To receive your FREE copy, go to TrinityElderLaw.com/470-2 to request your book.
Save money for later use. If you have young children or pets
you’re looking after, you may want to leave money in your estate plan for appointed guardians to use
for future expenses. It’s best to calculate how much money you will need to support your children or four-legged friends for their lifetime, then add additional funds in case of emergencies. While it’s vital that you outline who will care for your loved ones and animals when you’re unable to do so yourself, you also want to ensure they are financially stable.
Puzzle Time!
Keep your financial power of attorney up to speed.
Whether you add or remove a financial account, place more funds in your estate plan, or have any requests or wishes you want followed, your financial power of attorney needs to know. This person will be speaking on your
behalf if you’re incapacitated or pass away, so they must understand your needs and any updates you have regarding your finances. They can ensure your wishes are granted if you effectively communicate with them. If you have any questions about your finances, how they play a role in your estate plan, or how to properly plan for your four-legged family members, allow your friends at Trinity Elder Law & Estate Planning to assist you. We will be happy to answer your questions, ease your concerns, and ensure everything is in place.
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