Financial Issues for Couples – Be Prepared for Emergencies

Couples have so many financial issues to sort thru that it’s easy to ignore this one.  Be prepared for something happening to one partner.  Regardless of your age or who pays the bills, both spouses need to know what will happen if the other spouse dies.  Here is a quick checklist:  the will, life insurance, health insurance, survivor pensions, retirement accounts, property, investment accounts, small business, debts, and all financial account information.  You should keep most of this information available in one place, folder, or desk drawer.  You can also keep a copy in a safety deposit box, but that may be more difficult to keep updated.  Keeping a copy online can be easy to update, but may not be found when needed.  Each of you should also have a living will that specifies your wishes in case you are incapacitated and your spouse needs to make medical decisions on your behalf.  Discuss in advance what kind of medical procedures you want if incapacitated mentally.  Married couples should have the same motto as the Boy Scouts:  “be prepared”.

About John Kimball

Over the past few decades, I have experienced most of these financial issues with both mistakes and successes. I sure wish someone had told me these things when I was first starting out. So many times I have cried out, "I want a do over!" when I learned a new financial lesson or tip. I aim to pass along to you the financial insights I have gained from experience, reading, analysis, and living the financial aspects of managing, saving, investing, and spending your money. I am an analyst with a large organization and happily married with two children on their way to an expensive college, no doubt. I read numerous financial blogs, websites, newsletters, magazines, newspapers, and books to bring you the latest news, insights, tips, and lessons combined with decades of experience.

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