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It’s time to review your important documents

June 4, 2014 by · Leave a Comment 

We should review our financial documents regularly, at least once year or when changes occur, in order to prevent many financial and other mishaps. One of the biggest drawbacks of not reviewing your documents especially your will and financial documents may result in unintended consequences. It could prevent your loved ones inheriting your fortune. So what can you do?

  • At least once a year update your financial documents including your will, beneficiary designations and others. Make sure to compare documents for any conflicts. If necessary make changes and complete the update process.
  • When completing documents to replace existing documents, make sure to fill the entire form. If you are using any legal terms to designate entire group of people, your children for example, make sure the proper meaning reflects your wishes.
  • Sometimes changes beyond your control such as your bank merging with another bank needs to be reflected on your documents.
  • Replace all your hard copies with new documents. If necessary, file copies of new documents with appropriate agencies.
  • Sometimes you may require an attorney or an estate planner to help your documents. Do not hesitate to seek additional help from appropriate professionals to update your important documents.