Financial Documents to Create a Comprehensive Financial Plan

It is beneficial for everyone to create a comprehensive financial plan. Creating a financial plan can protect your future and your family. To learn more about the most important financial planning documents to have in order, continue reading. Speak with our New Jersey certified public accountants for assistance with these documents.

A Will

Wills are one of the most important documents to create a comprehensive financial plan. Within your will, you will list what you wish to happen with many of your assets upon passing. You can also designate who you wish to be the guardian of your minor children if you or your spouse were to pass away or become otherwise unable to raise your children.

No one wants to think about these events occurring. However, it is in your best interest to plan for the worst. Writing a will also maximizes your beneficiarys’ inheritance via various tax-saving strategies.

Powers of Attorney

Another estate planning document that is important to create a financial plan is a power of attorney. Powers of attorney allow you to name a trusted individual as your agent. This will give that individual the legal authority to make certain critical financial decisions on your behalf if you were to become incapacitated or otherwise unable to make decisions on your own.

Your agent can access bank accounts, make financial transactions, and otherwise manage your finances according to your wishes. You can also create healthcare powers of attorney. Healthcare powers of attorney give an agent the right to make certain medical decisions on your behalf and in accordance with your wishes.

Financial Inventory

Everyone can benefit from conducting a comprehensive financial inventory at least once a year. This includes compiling a list of all of your finances including income sources, bank accounts, stocks, and more. This action will allow you to keep track of what you own. You should also create a list of all debts or liabilities you may have. This may include listing your credit card debt, mortgage, insurance policies, and more. You should also include the name and phone number of your CPA, your doctors, insurance agent, and lawyers.

If you require assistance with these documents, do not hesitate to contact our team today. We would be happy to walk you through the process to ensure these documents are filled out correctly. 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.