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Start the New Year Off Right
The start of a new year is the time for all kinds of resolutions. So take the opportunity to resolve to do a check of some basic, but extremely important, financial items, including:
Your beneficiaries. Many people name a beneficiary on their life insurance, retirement plan, etc., and then don’t think about it again. But life changes, and changes such as marriage, divorce, and the birth of children and grandchildren may cause you to want to change your beneficiaries.
Your insurance amounts. Have you looked lately at the amount of coverage you have on your life and property? Is it adequate, or should you adjust it to reflect changes in your life situation?
Your asset allocation. Is your allocation appropriate given your unique needs, the economy and the capital markets? Do you have a portion of your assets in protected or guaranteed programs with potential for appreciation or guaranteed future cash flow?
Your will. If you don't have a will, you should. And if you have a will, you should review it to see if it needs to be updated.
Advance directives. While you're at it, review things like your living will and power of attorney, to make sure they also are up-to-date.