New Year Review
As the holiday season wraps up and you prepare for the new year, it’s the perfect time to review financial essentials. This article will highlight several topics to consider setting you up for financial success in 2025.
Review and confirm account beneficiaries
The new year is a great time to review your accounts and confirm that beneficiary information is up to date. A lot can happen over the span of a year. If there have been any major life changes, the beneficiaries on your accounts may need to reflect those developments. Marriage, divorce, the birth of children or grandchildren – all might warrant updates.
Update your trust or estate plan
Though they may not be the most uplifting conversations, it is important to review your trusts, wills, and power of attorney documents annually. Making sure these documents are up to date can help ease some stress today and in the future. Very few people ever feel “ready” to have conversations about estate planning, but your financial advisor is here to help create an estate plan today that will create a framework for your family’s financial security for generations to come.
Review your trusted contacts
Trusted contacts tend to be one of the most overlooked, but essential steps in developing a financial plan. Having a trusted contact on file with your financial advisor can help protect against fraud, aid in emergency situations, help avoid mismanagement of your financial accounts and provide you with peace of mind. It is important to make sure you have a trusted contact on file, and it is updated for the new year.
Make certain your personal contact information is current
Like trusted contact information, it is of utmost importance that you keep your financial advisor informed of any changes to your personal contact information. Notify your financial advisor of any changes in your address, phone number, email address, or employment status promptly to avoid unnecessary stress. If you are not certain your advisor has your correct contact details, be sure to schedule a time to review your profile.
Ensuring your financial advisor is up to date on any life changes provides them with needed background to see that the new year is as stress-free as possible. The beginning of the year is a great time to review contact information, beneficiaries, trusted contacts, and trusts. To set the stage for a financially successful 2025, schedule a time to meet with your advisor today.
The material has been gathered from sources believed to be reliable, however West Michigan Advisors cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. To determine which investments or planning strategies may be appropriate for you, consult your financial advisor or other industry professional prior to investing or implementing a planning strategy. This article is not intended to provide investment, tax or legal advice, and nothing contained in these materials should be taken as such. Investment Advisory services are offered through West Michigan Advisors. Advisory services are only offered where West Michigan Advisors and its representatives are properly licensed or exempt from licensure. No advice may be rendered unless a client agreement is in place.