Annual Review Items for your Financial Well-Being

Our lives change quite unexpectedly, don’t they?   That’s why life, auto, and other forms of insurance exist.  

Our financial well-being often depends on occasional updates.

What we set up in the past, for the future, might need a tweak or an overhaul as the years go by.

Here is a minimal list of annual review items for you and your family:

1 – Ensure that a complete list of assets, accounts, insurance policies, and important documents (with locations) is available and that a family member or “Trusted Party” is familiar with the location.  Do not assume anything; be clear and concise.   Think medical emergency or worse.

2 – Confirm that all family documents such as Will, Living Will, Health Care Proxy, and Power of Attorney (POA) are up to date.   Have children or a special-needs dependent? Pay particular attention to any “guardianship” designation.

3 – Update beneficiary designations on all assets, accounts, and policies.  Over 20% of life insurance benefits are paid to unintended beneficiaries!  Think divorce, pre-deceased, change of heart, etc.

4 – Have an insurance “audit” performed on all of your policies; ensure that they fit your current situation.   Special Note: If there is a change in home occupancy due to age-related or actually any issues, follow up on appropriate insurance coverage.

5 – Review and ensure the accuracy of your social security status.      https://www.ssa.gov/myaccount/

6 –  Check for “Unclaimed Property” with all states in which you (and family members) have resided.  You might be shocked at the funds held for someone in your family.  The states will not hunt for you.    https://www.unclaimed.org/

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