SAN ANTONIO — Take the challenge and organize these documents. A local financial advisor breaks down some of the areas to focus on.
For the last three weeks on Eyewitness News at 6 p.m. Tuesday, KENS 5 has challenged you to get organized. Previously, a local financial advisor shared how getting your email and digital files tidied up can be a boon to your finances.
The last challenge is to organize your estate documents.
THIRD CHALLENGE: ORGANIZE ESTATE DOCUMENTS
“Once a year, it’s a good idea to check your beneficiaries, whether it’s your 401(k), whether it’s your IRA. Any retirement plans. typically, will have a beneficiary named. Is that still the person you want to leave your investments to?” said Karl Eggerss, principal and financial advisor of CAPTRUST.
REVIEW LEGAL DOCUMENTS
“A will, a medical power of attorney, any of those documents that name somebody else? Make sure those are the same people that you want,” said Eggerss. “If you don’t have a will, there’s lots of reasons to have one. What if you become incapacitated? Who’s going to pay your bills during that time even for a few weeks. Who’s going to decide whether or not you should kept alive or not? Did you make those intentions known.”
PRACTICAL DOCUMENTS
"Where is the title to the car? How are certain bills paid? So, make sure that’s written down,” he said. “Somebody – a trusted friend, family member – knows where it’s written down, (whether in) electronic or paper form.”