Broker Check

Summer Planning Ideas - Part I: Nuts and Bolts

| July 13, 2023

Summer is officially here. While we of course look forward to rest and relaxation during these warmer months, it can also be an ideal time to check on a few important but less urgent planning items. This is especially true if you were not able to make these updates as the year began.

Check Beneficiaries

Life happens and circumstances change, so the beneficiaries you named on your retirement plan, your investments, your pension, and your life insurance may not meet your needs or wishes any longer. It’s a good idea to review these on a regular basis and make updates as needed.  As you update, keep a summary of your beneficiaries in a safe place so next summer, or whenever you choose to review again, it is easily found.

Review Insurance Coverage

When reviewing your insurance beneficiaries, it’s probably best to take a look at the coverage you have across your various insurance policies to be sure they are appropriate and sufficient to protect your interests. Insurance coverage to review includes life, disability, long-term care, and property and casualty. If you do not have an umbrella policy that adds additional protection above limits on auto and homeowners, it’s worth a conversation with your trusted property and casualty agent to discuss what might be appropriate for your situation.

Estate Plan Update

Your wishes for your estate plan may not have changed since you last updated your wills and other important documents, but laws do change. If it’s been more than five years since you last updated your estate documents, it’s worth a phone call or email to your estate planning attorney to see if there’s any reason to update. If you’re in need of an attorney, we can help with referrals in your area.

The good news about these ideas? They are fairly quick and easy to take care of, which is nice given the importance of each item. Financial plans, insurance policies, and estate plans will always best serve you and your family when they are up-to-date.

If you have questions about any of these items, please feel free to reach out to us. We are here to help.