Beginning of the Year Check In

Feb 16, 2019 lifefocusplanning-admin

After we now have passed Chinese New Year, it’s a great time to check in with yourself on how you are doing with your New Year’s resolutions. You would not be alone if you haven’t stuck with them as much as you would have liked to – studies have shown most individuals don’t keep their resolutions for the entire year, and some don’t make it past the beginning of February. 

But before you say, “well there’s always next year” you can always start over, in fact, there are more and more individuals waiting until February to start their resolutions, using January to gather information or resources and make a concrete plan. 

One resolution it’s never too late to start on is planning for your future. Making sure you have an up to date estate plan in place can save you and your loved one’s time, money, and frustration down the road. 

Who – The people in your plan who will

Here are a few easy steps to get started:

  • Help manage your finances and health care decisions if you cannot
  • Inherit
  • Take care of minor children
  • Act as your professionals – CPA/Accountant, Financial Advisor, Attorney

What – The possessions in your plan

  • Take an inventory of what you own – from bank accounts to valuables
  • Beneficiary designations

How – The documents that contain the details of your plan

  • Trusts, wills, powers of attorney, deeds
  • Instructions to loved ones on health care  
  • Instructions to financial institutions on beneficiaries

Where – The place to find this information

  • Is this stored in a safe deposit box?
  • Is this organized at home?
  • Do you have a list of your current assets?

When – Make a resolution in 2019 to create or update your plan

  • Have there been changes in kids, grandkids, relatives, anyone listed in your estate plan, etc.
  • Have you reviewed your beneficiary designations?
  • Is your estate plan (trust) fully funded?

Why – Unique to the individual

  • To have a plan in place so loved ones know your wishes
  • To avoid probate or save on taxes
  • To protect minor children

If you want to start your planning, you can reach me at (248) 409-0256. We offer a free initial consultation to learn more about our process.

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