Tackle Your Financial & Legal Checklist

Use this extra time at home to tackle your financial to-do list that you've been putting off for quite a while, like updating several financial and legal matters that tend to fall through the cracks. Here are a few items to jump-start your checklist:

1. Develop or Update Your Budget

Very few people have a "real" budget, and even fewer regularly monitor their budget. Now's the time to review year-end credit card and bank statements that have probably been sitting in your "tomorrow" drawer.

2. Consider Refinancing Your Mortgage

If you've owned your home for a few years now, and are planning to live there for several more, review the interest rate on your mortgage against current rates. Make sure to determine how long it will take to recoup the up-front refinance costs versus the extra interest you'll be saving each month.
Refinancing could cut hundreds of dollars from your monthly payment or even allow you to move from a 30-year loan to a 15-year loan.

3. Create or Review Your Will

Do you have a will? Or maybe it's decades-old?

If you do not have a will, take some time to create one. Decide what to include in your will (ex. your belongings, savings, and estate), select your beneficiaries, choose an executor for your will, and name guardians for your children (if applicable). If you're looking to create a will, please consult with an attorney.

If you have a will in place, take this time to set up a virtual meeting with an attorney to discuss your will and overall plan. In some cases, you can simplify your will and make things much more streamlined. Tax laws change regularly and legal documents need to be modified to keep up with your current circumstances. Use this downtime to focus on the legal matters that have a large impact on your family.

4. Locate and Examine Your Insurance Documents

Gather your insurance policies and look at what you have and what you are paying for. Years ago, you may have purchased term life insurance when you had young children, a mortgage, college to save for, and were worried about what a loss of income could do to your family. If you are now nearing retirement, kids are through college, and you have a sizable 401(k) balance, the need for life insurance may be significantly reduced. Keep in mind you are entering a phase where long-term care insurance coverage is more important.

Before making any decisions, you should consider consulting a tax and/or legal advisor to discuss options that are specific to your personal situation.
The material provided on this website is intended for informational purposes only. Links to other web sites are provided for reference and do not constitute a referral or endorsement by Pioneer or its affiliates. Please note that such material is not updated regularly and that some of the information may not be current. It is recommended that you consult with a legal or financial professional for assistance regarding the information contained herein.