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Many people who were once married or in a committed relationship are faced with managing finances alone at some point in their lives. Unfortunately, the first time many individuals experience handling complicated financial matters is during a personal crisis following the death or divorce of a spouse or partner.

We’ve prepared a list of thought-provoking questions pertaining to financial fitness and crisis preparedness. You can use these as a starting point to check how prepared you are to handle a personal financial crisis in your life. Begin by reviewing the questions, determine what you’ve already done, and check those items off the list. For the questions you need to address or take action on, seek the advice of professional advisors and trusted family members.

Asset management

  • Do I have a clear picture of where my assets are located?
  • Will my retirement assets provide a comfortable and secure retirement for my life expectancy?
  • Do I have a well-diversified portfolio?
  • Are my investments appropriate in today’s economy?
  • Are my assets titled properly?
  • Do I have an emergency fund?
  • Am I taking advantage of techniques to reduce my taxes?

Estate planning

  • Do I have a will?
  • Is my will current?
  • Have I determined what I will owe in estate taxes?
  • Have I funded my estate-tax liability?
  • Have I explored and taken advantage of wealth-transfer techniques?
  • Do I wish to provide for charitable giving?
  • Are my power of attorney and my living will up to date?

Debt management

  • Do I know my credit rating?
  • Could I get a loan if I applied?

Insurance coverage

  • Do I have enough insurance coverage to cover medical expenses?
  • To provide for disability/long-term care?
  • To provide for family members’ security?
  • To fund estate-tax liability?

In addition …

  • Have I coordinated my advisors (attorney, CPA, banker) activities?
  • What changes in my life are likely to occur within the next three years?
  • Do I know the status of my parents’/childrens’ financial situation and the implications for my financial well-being?
  • Would I be prepared for a family emergency if it happened tomorrow?

Wells Fargo Advisors does not provide legal or tax advice. Be sure to consult with your own tax and legal advisors before taking any action that could have tax consequences. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state

This article was written by Wells Fargo Advisors and provided courtesy of Thomas Jaeger, CFP®, Senior Vice President – Investments in Dubuque, IA at Ph. 563-557-9400.

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Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company

©2015 Wells Fargo Advisors, LLC. All rights reserved.


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