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True Wealth – Everything in Order

While the memories of New Year’s Eve celebrations are beginning to fade, the hopes and dreams for 2021 are as vivid as ever with just a month under our belts. Statistics show that recurring themes for each year’s resolutions generally include something related to a more active approach to health and fitness, improved finances, and/ or learning new things for personal and professional development. All of these are important and admirable areas for each of us to be focused on. However, have you considered what will help you gain peace of mind?

For 2021, why not focus on a different type of financial goal that is not about budgeting or saving more, but rather about having all your ducks in a row? Being financially organized may not be a sexy motivational goal, but it should be on everyone’s list.

Make 2021 the year you review all of your estate documents, or if they do not exist yet, the year you create them. Depending on your personal situation, the documents to consider include a will, revocable trust, financial power of attorney and healthcare power of attorney.

I am inspired to share this idea as a result of a conversation with a client a few weeks ago. We were in the process of designing their retirement plan and I simply asked, “Do you have a will?” When they responded “yes,” my next question was focused on the date it was last reviewed. Their answer? Somewhere more than 20 years ago!

With all the changes in the legal system, tax system, healthcare system, and of course, your own family situation, is it possible that decisions made years ago do not create ideal outcomes for you and your family today? Have beneficiaries of your life insurance policies, investment accounts, and other named roles in your life been updated or need to change?

Sometimes the goal needs to be big to be impactful and sometimes it is not the goal that needs to be big, but its impact that does. By making sure everything is in order, you will also ensure that what you intend to happen actually does happen.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor, Member FINRA, SIPC.

Jeffrey Karp, CLU®, ChFC®, CASL® founder of Karp Financial Strategies and is a registered representative of LPL Financial. More information and his blog, Permission GrantedSM can be found at www.karpfinancial.com.

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