The start of a new year is the perfect time to review your financial, legal, and personal strategies. A thoughtful annual review can help ensure you’re on track to meet your goals and that your plans reflect your current circumstances. Here are a few areas to focus on as you get started:
- Review Significant Life Events
Life is full of changes—both planned and unexpected. Events like a marriage, divorce, birth, death, or a change in financial circumstances can have a significant impact on your estate plan. An annual review ensures that your plan reflects your current family structure and relationships. - Review Beneficiaries
Your designated beneficiaries and executors may no longer be the best choices due to changes in relationships, availability, or life circumstances. An annual review allows you to evaluate whether these roles are still aligned with your current wishes. - Review Insurance Policies
As the value of your assets increases—whether it’s your home, personal belongings, or investments—it’s important to review your insurance policies. The coverage limits on your current policies may no longer be sufficient to fully protect you in the event of a loss. - Review Business Interests & Succession Plans
If you own a business, it’s essential to ensure your succession plan is up-to-date and properly integrated into your estate plan. Additionally, take time to review last year’s financials, strategic plans, and any risk factors—such as cybersecurity concerns, insurance policies, and operational risks. - Review Asset Management
Ensure that new assets have been properly added or transferred into your estate’s trust. A common mistake is forgetting to retitle property or accounts to the trust’s name. Assets not correctly included in the trust may not receive the intended protections and could be subject to probate. - Review Your Trusted Advisors
As your personal or professional priorities evolve, it’s important to regularly assess the expertise and support you’re receiving from your advisors. An annual review helps you identify any gaps and make adjustments to ensure your team is still aligned with your needs. - Review Personal Goals
Your personal goals may shift over time, whether it’s supporting a new charity, acquiring or selling an asset, or changing how you distribute wealth among heirs. This is a great time to reassess your goals and adjust your strategies to stay on track.
Conclusion
Taking the time to review these areas each year ensures that your financial, legal, and personal plans evolve with you. If you’d like assistance with any of these reviews, we’re here to help. Reach out to us today to schedule a strategy session.
