As I've brought up several times in my blog .. . . I've not been paying attention to my finances and/or maintaining any sort of order, protection, or understanding of my financial picture:
However, that's changing! A large part of the change I am needing to make is making sure that I know what I need to know to be more financially responsible.
One area of this transformation has to do with bringing up to date, and/or maintaining current documentation of all areas that pertain to my financial picture. Based on an outline of document needs that has been outlined by Suze Orman, these are the documents I am currently working on bringing up to date, and organizing in one contained, financial packet.
CREDIT REPORT/CREDIT DOCUMENTS
- Up to date copies of my three credit reports
- Photocopies of active credit cards, front and back with 800 service # visible.
- Copies of letters closing old credit cards.
- Birth Certificates
- Copy of Driver's Licenses
- Marriage Certificate
- Child Support Documents
- Promissory Notes
- Home owner's Insurance
- Co-ownership Property Agreement
- Fire Insurance
- Copy of Survey
- Copy of Title Policy
- Appraisals/Evaluations of valuable items (jewelry, artwork, etc.)
- Auto Titles and/or Leases
- Auto Insurance Policies
- Auto Loan Documents
- Life Insurance Policies
- Health Insurance Card (Copy) Benefits Description
- Long term care policy (we don't own this yet, but, need to discuss purchasing. Having watched my mother this is not something we should be without. )
- Long term disability policy
- Annual Social Security statement (supposed to compare W-2's to statement)
- Social Security Card/s
- Photocopies of spouses and children's Social Security Cards
- Pension plan summary description, annual plan statement & annual individual pension benefit statemtnt.
- Money purchase/profit-sharing plan documents
- Beneficiary designations
- Retirement account Withdrawals
- Treasuries/Series I/Series EE/Notes
- Stock Certificates
- Annuity Contracts
- Stock Option Grant Agreements
- Asset List
- Copies of All Investment account applications and agreements
- Advanced directive and durable power of attorney for health care
- Financial durable power of attorney
- Pour over will
- Revocable Living Trust
- Contracts of funeral or memorial arrangements
- Documentation of prepaid fees to cemetery and/or funeral home
- Tax returns for past 3 years
- Documentation of home-improvement records
- Documentation of medical expenses
- Documentation of donations to charities
- Documentation of investment expenses
- Documentation of employee business travel & entertainment
- Documentation of higher education expenses
- Documentation of student loan interest payments
- Documentation of real estate taxes, mortgage interest, closing costs.
I'm so happy to be able to finally say, I have a Durable Power of Attorney for Health Care, an Advanced Health Care Directive, and Durable Power of Attorney for Finance for both my husband and I. I recently filled out and ordered these estate planning documents on line at www.legacywriter.com for $34 and then went to Michigan 1st credit union and had them notorized.
Although being financially responsible feels like an enormous project, I am committing, in writing, that I will continue to take responsibility for myself and my finances.