Do You Have A Financial Snapshot?

by Tim on October 1, 2010

Have you thought of what your spouse would do with your finances if something were to happen to you?   Would they know about each life insurance policy or retirement account and how to access the funds?  A death in the family can bring enough stress, and worrying about putting your financial matters in order can make the situation even worse.

I recently had lunch with a lady whose husband passed away unexpectedly.  She said that her husband took care of all of the finances, but they started something a couple of years ago that helped her tremendously when he passed away.  They created a snapshot of their finances that included every financial account, term life insurance policy, bill, phone number, and contact person for the companies.  They updated the form each year and kept it in their fireproof safe.  When he passed away, she was able to go right down the list of every account and find everything she needed.

I was inspired to do something similar with our finances and created a financial snapshot page that can be used to organize every financial account in case it’s needed in an emergency.

Why have a financial snapshot?


If you or your spouse dies, the stress of the finances can be emotionally overwhelming.  Without a roadmap, you may not utilize the resources available to you to take care of the unexpected expenses.

How to make a financial snapshot-

1. Download the
Financial Snapshot PDF
or Financial Snapshot Spreadsheet
2. Organize your account information accordingly
3. Create and review the document with your spouse immediately
4. Update the financial snapshot regularly – At least 2 times each year
~We recommend updating it before your vacation or at your birthday~
5. Keep the printed document or electronic copy in a fireproof safe.

 

We put together our financial snapshot in one evening in about an hour.  Just think: you can make life so much easier for your spouse if you take just an hour of your day and organize your financial information on the financial snapshot.  A quick reminder, too, that if if you don’t have life insurance, you need to look at some cheap life insurance quotes so that your family is covered.

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