Are you financially prepared?

According to a recent consumer survey by Georgia Credit Union Affiliates, 47.2 percent of respondents do not have a will and 35.8 percent either do not have life insurance or feel they need more. When it comes to monitoring finances, 42.8 percent have not checked their credit reports for inaccuracies in the past year and 26.7 percent do not regularly monitor the performance of their retirement accounts.

Keeping one's financial house in order is important, but often gets pushed down on the priority list. It is recommended people examine their financial situation at least annually and even more frequently after reaching retirement age. Also, having a will avoids unnecessary legal issues for families. Update living wills and other financial documents each year and with life changes - including the birth of a child or a change in marital status.

Tips for Putting Your Financial House in Order

1. Update your will as needed
2. Take a video tour of your house for insurance documentation and store it in a safe deposit box
3. Make sure your personal information is up-to-date with all financial vendors
4. Update the beneficiaries for all your accounts and insurance policies
5. Review your insurance coverage and make necessary adjustments
6. Check your credit report for any errors (you can request a free copy of your credit report by visiting www.annualcreditreport.com)
7. Reassess your retirement plan and monitor retirement accounts
8. Examine loans for refinancing opportunities 
9. Go through financial files and toss what you don't need (keep tax returns forever, but throw away supporting documents after six years)
10. Make a comprehensive list of financial information including all accounts, property deeds, insurance policies, estate plan and living will
11. Make sure a spouse or family member knows how to access these records