While the pandemic caught everyone off guard, we can take steps now to be prepared for our future financial needs. Today is the best possible time to evaluate your financial health and contingencies to ensure you’re ready for the unexpected. No matter where you’re starting, TelComm Credit Union can help get you on track.
Some items for your checklist:
- Be sure your mailing address, daytime phone number and email address on file with TelComm CU are accurate so you can be reached or to verify your wishes if needed.
- Do you have a POD (Payable on Death beneficiary) assigned to all of your TCU accounts and CDs? If so, does that information need to be updated due to a marriage, divorce, or other shift in your family dynamic?
- Do you have a Power of Attorney? Is it on file with TCU so we know who may act on your behalf?
- If you have a safe deposit box or post office box, who can access it in the event you are unable to do so? And does he or she know where the keys are?
- Is it time to add a name to your checking account so someone else has access in the event you are incapacitated? Many COVID-19 patients were in the hospital for well over 30 days, sometimes up toward 60 days.
- Do you have a will or trust? If so, does it need to be updated to reflect any changes that have occurred since it was first drafted? And does the executor of it know where to find it?
- Do your retirement and insurance accounts have beneficiaries listed? Have you reviewed it recently to make sure it is current to your wants?
- Do you have a plan established for what happens to your property after you pass?
- Do you have a TOD (Transfer on Death beneficiary) for your vehicles or home listed on the titles?
- Do you have emergency savings in place? If so, is it earning as much interest as it could? If not, do you need help getting started?
The best way to determine where you need to go is to evaluate where you are.
TelComm Credit Union is here to help, every step of the way.
