Q.  Robert, since we are getting close to the start of a new year, do you have any ideas for things I can do to make sure my estate is protected in 2015? – Randy in High Point

A.  Randy, most of us make New Year’s resolutions such as, losing weight, getting out of debt, exercising more often, or saving more money.  Very few of us actually keep our resolutions.  I would challenge you to start a Financial New Year’s resolution in order to make sure your financial house is in order.

Step 1:  Review Your Accounts

Are your accounts carrying you toward your goal or holding you back?  Do you have the correct beneficiary named?  Do you have a contingent beneficiary named?  Review all risks you are taking and what you are paying in fees.

If you have a brokerage account, do you have a properly completed Transfer of Death (TOD) form?  This alone could save part of your estate from going through probate and hours of aggravation for your heirs.

Regarding your CD’s, Checking, and Savings accounts, do you have Payable on Death (POD) form on file?  Again, just like the TOD, this can save your heirs time and money.

Step 2:  Have a Plan

Do you know where your financial papers (wills, account statements, insurance policies, etc.) are located?  Do your heirs know where they are located?  Do you know where the key to your safety deposit box is located?  Do your heirs know where the key is?

If you just spend a few hours each January updating your files and planning for the coming year, you can increase your earnings and decrease your frustration.

You would be surprised at how many new clients come in to the office not knowing how much they are paying in fees, or how much risk they are taking.  We even see people come in with an ex-spouse as a beneficiary or no beneficiary at all.  Be a planner…not a procrastinator.

Keep the questions coming at rdcooper@globalfinancialpc.com.

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Robert Cooper, CRPC, RFC 

Investment Advisor Representative

Providing Financial Planning Services in the Triad for Over 20 Years

336-993-2012  •  www.coopercares.com  

935-E Mountain St., Kernersville, NC 27284

Investment Advisory Services Offered Through Global Financial  Private Capital, LLC, an SEC Registered Investment Advisor.

If you would like a complimentary consultation with Robert, call the office at 993-2012.

Robert Cooper and Global Financial Private Capital, LLC do not provide tax or legal advice.  Individuals should seek advice from their own tax or legal counsel for their particular situation.

Any comments regarding safe and secure investments and guaranteed streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Insurance and Annuity product guarantees are subject to the claims paying ability of the issuing company, and are not offered by Global Financial Private Capital.