By Chaze Patrick, Outreach and Engagement Marketing Assistant
Wealth is not built overnight. It takes much effort and time to build the foundations of financial stability. In the process of wealth construction, a person gains many assets (e.g. car, house, investment accounts). Now that you have acquired these treasures, here are four ways to protect what you have earned and saved.
A person can acquire various forms of assets during their lifetime. This could include forms of real estate, retirement accounts, investment accounts, life insurance and annuities. Identify your assets as you grow in your life and acquire them.
Advance Healthcare Directive
Disaster can happen at any given time. Have you ever thought about “what if” something was to happen to you? Having an established advance healthcare directive can plan for who can act on your behalf, the choice of resuscitation and accessibility to access your health records.
Who would have the power to manage your assets? It is important to ensure that your assets are protected in the event of tragedy. Having a power of attorney can help in this capacity and minimize any additional stress for your family.
Do your property, life, auto and disability insurance coverages reflect your worth of assets? It is important to review policies on an annual basis based on life circumstances. The prefect time to review is when the New Year approaches.
Take the next step in protecting your wealth for the future, click here to start: USI.edu/ProtectingWealth.