Read our monthly update discussing the emergence of Artificial Intelligence into today’s society.

Folder that's labeled: "Emergency Financial"

Why You Need an Emergency Financial Folder (In Addition to a Will)

What if something were to happen to you? Do loved ones know where to find your important estate planning and financial documents? Is it all in one place or scattered everywhere? What about passwords for digital files?

An emergency financial folder can help.

  • Gain peace of mind. Relax knowing everything is organized and in one place. Set a reminder to review your folder every six months to one year.
  • Save money and time. If you have a professional helping manage your estate, less time is less money. If a family member, they will not have to struggle with inaccessible accounts.
  • Lighten the burden on loved ones. Orderly documents allow family members the space to grieve without additional stress.

Along with creating the emergency financial folder, you should review asset titling. Too often, one or more accounts are left subject to probate which could have transferred to loved ones outside of probate. For example, a checking account in one name can be titled to transfer on death (TOD) to a spouse or other loved one. Similarly, life insurance, annuities, IRAs, 401(k)s, ROTH accounts and the like can pass directly to desired parties [can be individual(s) or trusts] through a beneficiary designation. Naming desired beneficiaries will expedite estate transfer and reduce stress for everyone. You will want these decisions to coincide with any estate planning, will and/or trust documents.

Consider creating an emergency financial folder. Reach out to your financial advisor for more information.

 

This article was originally written by:

Bob Martin
Financial Advisor, Managing Director
Call | Email

 


Cary Street Partners is the trade name used by Cary Street Partners LLC, Member FINRA/SIPC; Cary Street Partners Investment Advisory LLC and Cary Street Partners Asset Management LLC, registered investment advisers. Registration does not imply a certain level of skill or training.

Any opinions expressed here are those of the authors, and such statements or opinions do not necessarily represent the opinions of Cary Street Partners. These are statements of judgment as of a certain date and are subject to future change without notice. Future predictions are subject to certain risks and uncertainties, which could cause actual results to differ from those currently anticipated or projected.

These materials are furnished for informational and illustrative purposes only, to provide investors with an update on regulations and financial market conditions. Materials have been compiled from sources believed to be reliable; however, Cary Street Partners does not guarantee the accuracy or completeness of the information presented. Such information is not intended to be complete or to constitute all the information necessary to evaluate adequately the consequences of investing in any securities, financial instruments, or strategies described herein.

Cary Street Partners and its affiliates are broker-dealers and registered investment advisers and do not provide tax or legal advice; no one should act upon any tax or legal information contained herein without consulting a tax professional or an attorney.

We undertake no duty or obligation to publicly update or revise the information contained in these materials. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the past performance of securities, or information about the market, as indicative of future results.

Nothing contained herein should be considered a solicitation to purchase or sell any specific securities or investment related services. There is no assurance that any securities discussed herein have been included in an account’s portfolio, will remain in an account’s portfolio at the time you receive this report, or that securities sold have not been repurchased. The securities discussed do not represent an account’s entire portfolio and, in the aggregate, could represent only a small percentage of the portfolio’s holdings. It should not be assumed that any of the securities transactions or holdings discussed were, or will prove to be, profitable, or that the investment recommendations or decisions made in the future will be profitable or will equal the investment performance of the securities discussed herein. A complete list of every holding’s contribution to performance during the period, and the methodology of the contribution to return, is available by contacting Cary Street Partners Marketing. CSP2023112

© COPYRIGHT 2023 CARY STREET PARTNERS, ALL RIGHTS RESERVED

Start a Conversation
with a Financial Advisor

Get Started