January 3, 2012
New Year – A Fresh Start!
The beginning of a new year is the perfect time to start fresh and re-examine where your life is now vs. last year.
Maybe you recently sold a home, got married, filed for divorce or had another major life event.
If so, it's time to give important life documents – like your will or life insurance policy – a second look.
“Too many times, individuals forget to change their beneficiaries on their retirement accounts or life insurance,” says LPL financial advisor Nicole N. Middendorf.
Life-changers like the birth of a child or death of a loved one are cause for a necessary review of important documents.
Updating docs means checking to see if you want to keep the current beneficiaries
for your 401(K), IRAs, will and life insurance, explains Middendorf.
If no big changes have occurred, Middendorf suggests revisiting these docs once a year. Plus, she advises having a healthcare directive and a durable power of attorney to ensure security and guarantee proper handling of your finances.
Plus, it’s critical to keep your will updated with an estate planning attorney and to be certain it reflects the major changes that have occurred over time.
Findlaw gives a checklist for updating your will and estate planning documents, like if any minors have turned 18 or any beneficiaries are deceased.
Bonus PINK Link: Here’s how to be financially prepared for the unexpected.
By Farren Davis
“It’s better to prepare and look ahead than to look back and regret.”
Jackie Joyner Kersee
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