Financial Planning Checklist
If any adult member of your family does not have a will, you should contact your attorney. If you have
a will, have you reviewed it in the last five years?
Make sure to provide—either in your will or elsewhere (in writing)—for the legal guardianship and
personal custody of your minor children.
If you have other dependents (elderly parents, disabled persons), make sure provision is also made for
Compile a location listing of all your important financial and legal papers and inform all appropriate
persons of the location of this listing.
Review your wills and/or trust documents with your attorney to see whether or not the provisions —if
any—concerning simultaneous death are adequate.
Review the adequacy of your insurance coverage:
a) Fire/extended coverage on all real estate and tangible personal property, with current values
c) Personal liability
d) Other insurance appropriate to your situation
For fire and theft insurance purposes, compile an inventory of all your tangible personal property, and
include photographs or a videotape of all valuable items and furnishings. Store this information in
your safety deposit box or elsewhere away from home.
Both spouses together should review current financial situation, and your complete financial plan—
including plans for retirement and after the death of a spouse
Be sure both spouses know your attorney, CPA or tax advisor, broker, insurance advisor, and other
Review disposition of property not subject to probate (jointly owned assets, life insurance, etc.)
Compile information on the cost and purchase date of all assets you presently own, including your
residence. Include how they are owned - individually, jointly, community property, etc.
If you are not presently using a family budget, prepare a budget and keep tabs on your current
budget position. At the very least, add up your annual spending.
If you borrow money from several sources, or incur finance charges by paying credit card minimums,
determine whether a single bank loan at reduced interest rates is feasible.
Review all your investments - stocks, bonds, CD's, and analyze their effectiveness. If changes are
indicated, make a plan or timetable for such changes.
Covenant Trust Company®
your financial services resource
trustee services • asset management • legacy planning
5215 Old Orchard Road, Suite 725, Skokie, IL 60077
800-483-2177 • 847-583-3200
info@CovenantTrust.com • www.CovenantTrust.com