Last month we discussed getting your Will and Powers of Attorney done. Besides those documents you may want to review your work plans and other registered accounts to make sure you have named a Beneficiary where ever possible. I have seen many clients bring in documents from their work plan and/or other investment firms where the beneficiary had the estate named instead of a person. Most of these people had never looked and assumed their spouse was listed. Why tie this money up going through probate when there is an easy fix and just name a person instead of automatically going to the estate
Another thing you can do if you have not already done so, is book an appointment with your financial advisor and make sure your retirement plan is still valid. Things could have changed in your life that were never included in your plan that may need to be updated. Some things to consider are marital breakdowns, loss of a job, lower returns, earlier retirement date, or maybe an unexpected expense. It is good to have a detailed review of your plan every year or so, to make sure you are still on track. I have a client who decided that he had enough of working and took an early retirement. Because his plan had allowed him to finish working ahead of schedule, there was no issue. I think that annual spring cleaning may have helped put him in this position. Don’t put off spring cleaning your finances. What you do today will help put your financial health in a better state of wealth.