Spring Clean Your Finances

finances estate planning


Spring is a time of new beginnings…a fresh start. It’s also the perfect time to freshen up your financial life. Here’s a checklist that will help.

Review your retirement savings. Have you rebalanced your assets lately? Take a look and reset your allocation if it’s gotten out of whack or meet with your financial advisor. Max out your contributions to your employer-sponsored retirement plan. Consolidate accounts whenever feasible and reduce paperwork. If you have multiple IRAs for example, you could combine all of your traditional IRAs into one account and all your Roth IRAs into one account.

Review your estate plan with your attorney at least every five years, or as needed– especially in the case of changes due to divorce, marriage, a death, change in assets or if you’ve moved. Review documents and update beneficiaries. Make sure beneficiaries and contingent beneficiaries on retirement accounts, estate plans, wills, trusts and insurance policies are the people you still want to name.

Secure your tax information. Think about all of the critical personal and financial information on tax documents. Keep paperwork in a safe or locked box and keep a secure digital copy as well.

Do an insurance check-up and review your life and health insurance, property and casualty insurance, including home value and umbrella policies. meet with your insurance agent at least every five years, to and be sure life insurance beneficiaries are up to date. Take a quick video of your home and belongings for insurance claims. It’s much easier than writing everything down. Be sure to store a digital copy in the cloud as well.

Shred paperwork you no longer need. Keep tax returns and supporting documents for seven years. You will want to keep certificates of birth, marriage and death, wills and trusts, divorce decrees, Social Security cards permanently. As long as they are valid, you should keep insurance policies, vehicle titles, and home loan documents.

Check your credit. Get your annual credit report from each of the three bureaus to make sure you know what’s in your file. Report any mistakes promptly.

Keep in mind that we can provide you with the support you need to get your estate in order. Just give us a call at 480-832-3000.

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