• Question
  • I need to know where and how to put my money if something happens to me suddenly, I die or my son is

    Asked by a 95 year old woman from Elizabethville, PA on 7/12/2012

    I need to know where and how to put my money if something happens to me suddenly, I die or my son is not around. I need help with budgeting money.

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  • Categories: Retirement Planning, Estate Planning

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • Estate planning is a very important aspect of retirement planning.

    We hope you were able to find some official resources in the NewRetirement Retirement Calculator: https://www.newretirement.com/retirement-calculator/default.aspx

    You can also go directly to our Estate Planning page: http://www.newretirement.com/estate-plan-marketplace.aspx -- there are a minimum of seven documents that most people should have in place for a complete estate plan.

    However, one simple thing you can do is to make a list of all of your accounts, Social Security and other personal information and give that to your son. It is probably also very important that you assign him or someone close to you as your Financial (as well as medical) Power of Attorney. These are legal documents that give someone the ability to act on your behalf if your become too ill to make decisions on your own.

    For budgeting help, we hope you also found resources in the Retirement Calculator. Additional budgeting tips can be found here: http://www.newretirement.com/Services/Reducing_Expenses_to_Insure_Retirement_Security.aspx

  • Login to rate this answer:   Answered on 7/12/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.