Spring Resolutions by Michael Alexander , CPA, PFS, MBA, Wealth Manager
Just because it is finally spring, tax season is over and we are all now thinking about summer vacation plans, please do not give up on your resolutions to make a will and review your insurance.
During tax time, we saw many clients who sheepishly admitted they have not written a will or have not revised one in the last few years. As you read this, if you have not made a will, and particularly if you have children, please stop immediately and contact a legal professional to review your needs. If you would like a recommendation, you may contact us.
The most important question you will need to answer is who will take care of my children if I am not here and a back-up person in case. If you have a will that is more than five or six years old or you have new kids or other changes in your life, please call a qualified attorney to review the will. We often see wills in which parents or siblings are listed as beneficiaries when the person has since married and has three children. Please fix this now before you fly or set off on your vacation.
Also, take a moment to send us your insurance policies for a free review to make sure you have adequate coverage to replace your income in the event of a disaster. If you bought insurance when you were in your 20s or 30s and now have many more liabilities, such as a larger home and school tuitions, you may not have bought enough.
To be successful with your spring resolutions, add completion of will and insurance reviews to your calendar for June 15th, so that when you get our next edition of Financial Footage, you will be done.
As always, feel free to contact us with any questions or concerns. We are here to assist you in tailoring strategies to manage your financial future so you can feel confident in your plans.