Managing Your Financial Resources: A Guide to Keeping Track

The Hancock Group |
Categories
Financials
Key Documents

by Martain Ferguson, Client Service Associate, The Hancock Group, Inc.

“Finders keepers, losers weepers.” Just reading that phrase, many of you can probably recall a time during childhood when someone playfully uttered those words, evoking a mix of emotions. Losing something is never a pleasant experience.

When it comes to financial resources, the key to not losing them lies in maintaining a firm grip on all your accounts. Consider the following steps:

  1. Create a Secure List: Compile a comprehensive list of all your financial accounts, including bank, investment, retirement, and life insurance accounts. Keep this list secure and up to date.
  2. Account Transfers and Closures: If you close or transfer an account, ensure that you receive all the funds or that the transfer is seamless. Update your account list accordingly.
  3. Retirement Accounts: When leaving an employer with a retirement account, address it promptly. Proper management ensures you don’t miss out on potential benefits.
  4. Contact Information Updates: Regularly review and update your contact information and name changes, if any.

Beyond financial records, there are other essential documents to track:

  • Estate Planning Information: Wills and trusts become crucial in ensuring your wishes are carried out.
  • Health Records: Maintain a record of your medical history and other vital health-related documents.
  • Personal Information: Safeguard birth certificates, social security cards, and marriage licenses.
  • Tax Records: Organize tax-related documents for easy reference.
  • Vehicle Titles: Keep track of vehicle ownership paperwork.
  • Mortgage Documents: Maintain records related to your mortgage.

How to Keep Track: The method is up to you. Whether you prefer a well-organized file folder or a detailed spreadsheet, consistency matters. Additionally, consider apps or specialized programs to manage and track relevant information. The goal is to stay organized for peace of mind and to assist your family in unforeseen circumstances.

Forgotten Accounts? If you suspect you might have forgotten about an old account, take advantage of abandoned property lists. Most states maintain searchable online databases. For instance, in Pennsylvania, you can explore the unclaimed property database to search for unclaimed accounts, refund checks, insurance claim payments, and other assets. In Pennsylvania, go to https://unclaimedproperty.patreasury.gov/en/Property/SearchIndex.

Remember, proactive management of your financial and personal records ensures a smoother journey and provides valuable support to your loved ones.