Spring Cleaning for Your Finances: Ensuring Your Assets Are Protected

Spring Cleaning for Your Finances: Ensuring Your Assets Are Protected

As spring rolls in, many of us turn our attention to cleaning out closets, organizing garages, and preparing our homes for warmer weather. But while you’re freshening up your living space, don’t forget to give your finances a thorough checkup as well. Taking the time to review your assets and estate plan can help ensure your financial house is in order for the months ahead. Here are some key steps to consider to make sure your assets are protected:

1. Review Your Beneficiary Designations

Life events like marriages, divorces, births, or deaths can impact your financial plans. Take a moment to review your beneficiary designations on life insurance policies, retirement accounts, and other financial products. Ensuring these are accurate will help your assets transfer smoothly according to your wishes. If you are not sure who should be listed as a beneficiary (ie spouse, kids, or trust?) then you should consult your estate planning attorney.

2. Update Your Estate Planning Documents

Wills, Trusts, and Power of Attorney documents should be reviewed periodically to reflect your current circumstances. If you’ve recently moved, experienced a change in family dynamics, or acquired new assets, you may need to update these documents. Keeping them current ensures your loved ones and assets are protected and your wishes are clear.

3. Organize and Secure Important Documents

As part of your financial spring cleaning, gather your essential documents such as your Will, Trust, deeds, and insurance policies. Store them securely in a fireproof safe or a safe deposit box. Additionally, make sure a trusted family member or advisor knows where to locate these documents in case of an emergency.

4. Gather important information

When an emergency happens, we don’t have a lot of time to act. It can be very helpful to have important information (such as contact information for your doctor, medication lists, allergy lists, contact information for your financial advisor, contact information for your attorney, contact information for your family, and information needed to access online accounts) readily available in case of an emergency. You can keep this information with your essential documents.

5. Evaluate Your Insurance Coverage

Spring is a good time to review your home, auto, and umbrella insurance policies. Have your property values changed? Have you added new valuables that may require additional coverage? Ensuring your policies are up to date can help you avoid financial loss should the unexpected occur.

6. Check Your Credit and Monitor for Fraud

With scams and identity theft on the rise, it’s wise to review your credit report regularly. Monitoring your accounts can help you catch suspicious activity early and protect your financial well-being.

7. Discuss Asset Protection Strategies

If you’re a high-risk professional, business owner, or have significant assets, consider talking to an attorney about asset protection strategies. Irrevocable trusts, LLCs, or umbrella insurance may provide valuable safeguards for your wealth.

8. Plan for Future Health Care Needs

Review your advance directives, living will, and healthcare power of attorney. Ensuring these documents are up to date can give you peace of mind knowing your medical wishes will be honored if you become unable to express them.

Final Thoughts

Spring is a season of renewal, making it the perfect time to refresh your financial plans. By taking these steps, you’ll be better prepared for whatever the future holds. If you have questions about updating your estate plan or protecting your assets, contact us at 989-872-5601 to ensure your financial future is secure.