Get Your Financial House In Order!

As tax season comes to a close and that itch for spring cleaning comes back, it is time to get your financial house in order. The best way to do this is to meet with an estate planner and review the components of your financial house. Here are some questions to think about before making an appointment with your attorney.

When Was the Last Time You Reviewed Your Beneficiary Designations?

A beneficiary designation allows assets to transfer directly to a named individual, despite what your will might say. Financial accounts, retirement plans, and life insurance policies often ask for your beneficiary when you establish it. These designation supersede your will. People come and go in our lives, so it is possible that the person you originally intended as your beneficiary may no longer be your first choice. By reviewing these designations with your estate attorney, you can ensure that your assets will be going to who you want to receive them.

Is Your Estate Plan Out Of Date?

Like your beneficiary designations, your will may also be out of date. Since the last time you checked your estate plan, you may have gotten married, had another child, or gotten divorced. While it may not be your first concern as the events occur, updating your estate plan helps guarantee that you will be passing your assets down to who you care about and not leaving anyone out. Also, some financial institutions have set their own term limits for powers of attorney.  If you are a member of our Continuing Client Coordination (C3) program, you can update your power of attorney, health care proxy and HIPAA release every year to keep them “fresh.”  Furthermore, reviewing your estate plan with your attorney every few years will help guarantee your estate plan reflects your current wishes.

When Was The Last Time You Spoke With Your Financial Adviser?

and aware of all of your assets. The financial markets are constantly changing, so while you may be confident in where you are at, it may have changed since your last meeting. Financial planners can help you have a plan in place for good times and bad and can confirm your estate plan accounts for all of your assets.

Do You Understand How Your Estate Planning Works? 

Estate planning can be confusing and that’s why there are professionals to help. If there is something in your plan that you do not understand, it could change the entire meaning of your will. Meet with your attorney to review your estate plan to ensure you understand where your assets will go.

If you are ready to get your financial house in order, book a meeting with Ladimer Law today to review your estate plan.