Regardless of your age or financial standing, it is never too early to create a comprehensive financial plan. Even if you do not consider yourself as having significant assets to create such a plan, the truth is, you most likely have far more than you think. The bottom line is that creating a financial plan can not only save you greatly in the long run, but it can also save your family. Please continue reading and speak with our knowledgeable New Jersey Certified Public Accountants to learn more about some of the most important financial planning documents for you to have in order. They are as follows:
Wills are among the most important estate planning documents available. When you write a will, you not only list what you wish to happen with many of your assets upon your passing, but you can also designate who you wish to be the guardian of your minor children, should you and your spouse pass away or otherwise be unable to raise your children. Though no one wants to think about such an event occurring, it is always best to plan for the worst, as no one knows what is best for your children as you do. Furthermore, on the financial side of things, writing a will can even maximize your beneficiaries’ inheritance via various tax-saving strategies.
Powers of Attorney
Powers of attorney are critical estate planning documents that allow you to name a trusted individual as your agent. Essentially, naming someone as your agent will give that person the legal authority to make certain critical financial decisions on your behalf, should you ever become incapacitated or are otherwise unable to make those decisions on your own. Your agent can access bank accounts, make financial transactions, and otherwise manage your finances on your behalf and in accordance with your wishes. Furthermore, you can create healthcare powers of attorney, which will give an agent the right to make certain medical decisions on your behalf and in accordance with your wishes, should you be unable to make those decisions on your own.
Conducting a comprehensive financial inventory is something that everyone should do at least once a year. This means compiling a list of all of your finances, such as stocks, bank accounts, income sources, and more. This list will help you keep track of all you truly own. Conversely, you should also include a list of any debts or liabilities you may have, such as credit card debt. You should also include details about your mortgage, insurance policies, and more. It can also be helpful to include the name and phone number of your New Jersey CPA, your lawyer, your doctors, and your insurance agent. If you have any further questions, give us a call today.
Contact our experienced New Jersey firm
Werdann DeVito LLC is an experienced Certified Public Accountant firm serving clients throughout New Jersey with all of their financial needs. If you need quality assistance with accounting, tax, or consulting services, contact Werdann DeVito LLC today.