2. Wills. Do you have one? Is it updated? Sometimes we can start out with a will when we first have children, but life progresses, more children come along and they do not get included in that same will. Divorced individuals also need to make sure they prepare a new will.
3. Make sure you have a power of attorney directive in place (estate planning.) No one really wants to think about this, but it really is necessary. Even the healthiest people can experience an unforeseen accident and be unable to speak for themselves. It is critical to put everything in writing, so that it is very clear what your wishes are if you cannot express them. In addition, consider preparing a living will that spells out your preferences for certain types of life-sustaining treatments.
4. Attack the debt. Consolidate your debts with the aim of eliminating one at a time. If you have a home equity line of credit (HELOC) consider using it to pay off your debt. HELOCs usually have much lower interest rates and you can often write off the interest. Or transfer your credit card balances to 0% interest rate promotions and use the extra money to pay off the highest interest rate card you have. You can also pay off one card at a time by paying the minimum on the lowest interest rate cards, and as much as you can on the highest rate card.
5. Review your investments. Are they meeting your goals and financial needs? Is your cash earning any interest? Have you reviewed the bonds in your portfolio? These are just some of the questions you should be asking yourself. And remember to check in with your financial advisor.
