Since we got married, we’ve realized that we have a huge list of financial tasks to complete. Now that we’re a family we need to take steps to plan for and protect our future. There is a lot to do and it’s pretty overwhelming, so we’re going to take baby steps and approach one thing at a time. Here is our task list, which will probably take the next year to complete:
- Change Her’s last name on all our financial documents. Make sure we are the beneficiaries of each other’s existing insurance policies.
- Review our current insurance policies. Determine what kind and how much coverage we need, and purchase new coverage if our existing policies fall short.
- Write wills and living wills. Choose an executor and notify that person.
- Rent a safety deposit box. Figure out what is supposed to go in it, and put those things in it. This has actually been on our to-do list for about three years, so we need to, ya know, do it.
- Create a “Just in case” binder of information that would be necessary if one of us were incapacitated or killed.
- Re-balance our investments to account for changes over the past year.
- Create a family emergency plan and kit, and notify our families of our plans.
- Discuss our burial wishes, and plan for the purchase of a plot.
I got started today by blocking out time this weekend to go to the bank and open that safe deposit box. Baby steps, folks!