Essential Steps to Protect Your Family's Financial Future
Welcome to your Financial Protection Checklist!
This comprehensive guide will help you ensure your family is protected from life's unexpected events. Work through each item systematically to build a solid financial foundation.
Target: 10-12x annual income for working adults; $250k-$500k for stay-at-home parents
Action: Calculate your family's needs using income replacement + debt payoff + education costs. Get quotes from at least 3 carriers.
Target: Coverage to replace 60-70% of income if unable to work
Action: Review employer coverage. Consider supplemental individual policy if group coverage is inadequate.
Target: Appropriate coverage with reasonable deductibles and out-of-pocket maximums
Action: Review current plan during open enrollment. Ensure family is adequately covered.
Target: 3-6 months of essential expenses in high-yield savings account
Action: Start with $1,000, then build to one month of expenses, then 3-6 months.
Purpose: Specifies guardianship for children and distribution of assets
Action: Consult estate planning attorney or use reputable online service. Review every 3-5 years.
Purpose: Designates someone to make medical decisions if you're incapacitated
Action: Choose trusted person and document your wishes for medical care.
Purpose: Allows someone to manage finances if you're unable
Action: Designate trusted person to handle financial matters in emergency.
Purpose: States wishes for end-of-life medical care
Action: Document preferences and share with family and healthcare providers.
Purpose: Ensures assets go to intended recipients
Action: Review and update beneficiaries on all life insurance, retirement accounts, and bank accounts.
Purpose: Simplifies estate administration, especially with minor children or significant assets
Action: Consult estate planning attorney to determine if a trust is appropriate for your situation.
Purpose: Family knows where to find important documents
Action: Create list of where documents are stored (safe deposit box, file cabinet, cloud storage).
Purpose: Complete list of all accounts and policies
Action: Document all bank accounts, investment accounts, insurance policies, and login information (stored securely).
Purpose: Spouse/trusted person can access important accounts in emergency
Action: Use password manager with emergency access or document in secure location.
Purpose: Easy access to important advisors
Action: Document contact information for attorney, accountant, financial advisor, insurance agent.
Review Schedule:
TrussPoint Financial specializes in helping growing families create comprehensive protection strategies.
Contact Us:
Phone: (512) 937-5383
Email: hello@trusspointfinancial.com
Website: trusspointfinancial.com
Licensed in Texas | Michelle Schee, CFP®