Family Finances - Handout 1 - Are You Prepared?

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2002 Volunteer Leader Training Guide
What a Spouse Needs to Know About Family Finances
Are You Prepared? – For the Spouse
Handout 1

If you were to lose your spouse tomorrow, could you handle the financial and legal affairs of your family? Take this questionnaire to see how well prepared you are. As you read each statement, check the "yes" or "no" column.

Yes	No
____\|_____		1. Do you know how much life insurance your spouse carries?
____\|_____		2. Are you aware of all the credit obligations of your family?
____\|_____		3. Are you involved in the overall financial operation of your family?
____\|_____		4. Do you know where the important papers of your family are kept?
____\|_____		5. Do you know the type of funeral and burial services your spouse prefers?
____\|_____		6. Have you helped prepare the income tax returns for your family?
____\|_____		7. Do you know the names and addresses of the family advisors?
____\|_____		8. Do you know how much your family is worth?
____\|_____		9. Do you and your spouse periodically review the financial and legal status of your family?
____\|_____		10. Do you know approximately what your income would be if you lost your spouse?
____\|_____		11. Do you know how much it costs to run your household?
____\|_____		12. Do you know what benefits you would be entitled to receive if you lost your spouse?

Scoring: Add up the number of checks in the "Yes" column.
10 – 12:	You are well prepared.
7 – 9:	You may want to discuss some matters with your spouse.
Under 7:	You and your spouse need to sit down and have several serious discussions about family financial matters.

Prepared by: Originally prepared by Dr. Betty Jeanne Sundling, Retired Extension Family Economics Specialist, January 1989.

Revised by: Dr. Judith R. Urich, CFP, Extension Family Resource Management Specialist, 2002.

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2002 Volunteer Leader Training Guide What a Spouse Needs to Know About Family Finances Are You Prepared? – For the Spouse Handout 1

2002 Volunteer Leader Training Guide
What a Spouse Needs to Know About Family Finances
Are You Prepared? – For the Spouse
Handout 1