5 steps to organizing personal finances for you and your loved ones [Video]

If something happened to you tomorrow, are your loved ones prepared to handle your finances? Or would they spend days sorting your papers and tracking down information—amid an already difficult time?

Outlining and organizing personal finances—regardless of your life stage—is an act of love and consideration toward the people who matter most to you. Do it quickly and efficiently with our five-step plan.

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Step 1: Gather important financial documents.

What other financial papers are required after death? Check out our survivor’s checklist.

Step 2: Write down financial and legal information.

Document all account numbers, phone numbers, and special instructions using the planning sheet from Step 1. Never assume family members know who to call or what information they need. Put yourself in their shoes. Thinking through each scenario now helps eliminate guesswork in the future.

Step 3: Designate folders.

Choose a color for each section of your filing system. Suggested categories:

• Financial management
• Investments and retirement
• Insurance policies
• Personal documents
• Legacy

Step 4: …