Estate & Financial “Spring Cleaning” Checklist


We hope you are staying safe and encourage you to use this time for “spring cleaning” of your estate and financial plans! During these unprecedented times, many of us are staying home more often and finding ourselves with extra time on our hands. Now, more than ever, it is important to make sure the many aspects of our financial futures are in order.

Set aside some time to “spring clean” the following:

  • Estate (& incapacity) plan:Having a plan for what happens to your assets at passing is always important. However, during this time, the importance of having a plan for your incapacity is even more at the forefront. If something were to happen and you were unable to make decisions - even for a short period - who would manage your finances? Who would make your healthcare decisions? Having up to date financial power of attorney and healthcare power of attorney documents are two quick steps you can take for big impact!

  • Beneficiary designations:Now is a good time to log in to your accounts or call your account representatives to verify the beneficiary designations on everything reflect your current wishes. Good places to start are life insurance policies, IRAs, 401(k)s, annuities, and POD/TOD designations for checking and savings accounts.

  • Retirement plan & risk tolerance:Whether you are already retired, planning to do so in the next few years or still have a few decades to go, take time to reflect on whether your current plan and current investment strategy still make sense. Do you need to adjust how much you are withdrawing or contributing? How might your retirement timeline be impacted? Has the current crisis changed your tolerance for investment risk?
As you take the time to consider these important topics, please remember that our bank family is here for you and looking forward to meeting once again after this crisis passes. Thank you for your continued trust!

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