Although Jan. 1 is usually considered a time for “new things” and developing new habits, most Americans consider the fall as that time, mainly due to the fact that vacations are over and school begins.
Valerie RumboughIf you are one of those people, consider starting a few of these things: Get a three-ring binder (they are in abundance right now at most stores) and place in it a copy of all of your important papers. Include bank statements, mortgages, deeds, titles, insurance policies, tax returns, brokerage and retirement statements, your will, trusts, and any other documents you have that you consider important. Then make a list of your assets and liabilities, including where they are held, account number, balance, and contact person, and put that in the front.
This, along with other information you can place in the notebook, will become invaluable to those you leave behind at your death. Review insurance documents, including homeowners, health, life, car, liability, etc., to make sure they still adequately cover you. If you are not sure, contact your agent for an insurance checkup. You don’t want to find out you were not adequately covered after your house burns down, you have a major illness, or the main breadwinner in the family passes away.
Make an inventory of all the things in your house. It will come in handy if there is a house fire or a break-in, but also is a great point of reference when considering items that you may want a special person to have when you pass away. Place this list in your binder as well. Make a note on your calendar to go through this exercise once a year, to update information.
And while you are working on new things, think about also enhancing your quiet time with the Lord. Get a new devotional book, or pick up one that you haven’t read in a long time. Don’t have a quiet time? Now’s a good time to start.
– Rumbough, CPA, CFP, is chief operations officer with the Baptist Foundation of South Carolina. Contact her at 800-723-7242. In accordance with IRS Circular 230, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.