The Caldwell Trust Company Blog

A personal financial organizer is a document that lists everything your family needs to know about your financial position. Once you have your organizer completed, you will need to entrust it to a handful of select individuals.

It is with the greatest respect for the exceptional care and service that Tidewell Hospice provides that Caldwell Trust is honored to have been the Presenting Sponsor for Tidewell's Annual Caring in Compassion program at The Ritz-Carlton recently. Marge Maisto, former CEO of Tidewell and current Caldwell Trust Company Director, welcomed over 500 guests and then introduces Bill Rancik, former Apprentice winner and fellow caregiver. 

Planning and creating a great estate plan is an investment of time and money. You want to make sure that you protect that investment by keeping these important documents up to date. There are several events that can trigger the need for an update. The many reasons for a second look include getting married, having children, and moving across state lines.

A personal financial organizer is a way to organize and contain your sensitive financial documents all in one place, making it easier for your loved ones to locate necessary documents upon your passing. Items commonly found in a personal organizer include information pertaining to investments, insurance policies, wills, medical, dental, and legal information. Also included are important numbers and addresses and the location of information and pertinent documents. Once you have your organizer complete, where is the safest location or locations to store it?

Getting an unbiased opinion is always a good idea when it comes to things that really matter to you. Like your health. Or your finances. When your financial trustee has an unbiased external audit, you can be sure that their financial statements are accurate and they have a lower risk of fraud.

An external auditor works independently from a financial advisor and is an impartial accountant with no conflicts of interest. This unbiased, impartiality makes certain that companies are in compliance with tax laws and that their business records are complete.

It’s important to create a personal financial organizer when thinking about getting your affairs in order. While no one likes to think about what might happen down the road, it’s best to settle these matters while you still can. It’s even more important if you are single, or if you’re the sole person in your family that takes care of financial matters.

In the event that you become unable to manage your finances, having a financial organizer will make it much easier on the loved one that will be responsible for taking over.

Does your family have real estate holdings outside of their primary residence? If so, it’s important to have adequate documentation all in one place. We recommend using our document “Everything My Family Needs to Know” to gather this information. Inside this document, you’ll find an organized list that will help you think through important information.

Keeping your most precious items and financial documents safe and secure should always be a priority for a family’s financial manager. While you may be tempted to keep your items close to you at home or in a personal safe, there is one location that provides the assurance you need to keep your information secure throughout your life: a safety deposit box.