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Time for a Planning Check-Up

Although it may sometimes seem like things do not change very much, when we look back over a period of time we almost always see a great deal of change, even if it appeared to be incremental or minor at the time. One thing this pattern of change tells us is that whatever we were thinking or planning in the past, the passage of time and its accompanying events require us to revisit and re-evaluate whatever it was we decided before.

The examination and updating of our former plans is absolutely necessary for us to ensure that we are keeping up to date and that our plans make sense today. This approach applies to not just our financial plans but more broadly to cover work, health, family and education as well as retirement, estate and other future events. As the time passes, some of our goals are reached while others are modified and still others appear as new goals in our planning.

Closely connected to our goals, other factors will likely change as well. For example, our minor children age and we no longer need to provide for a guardian for them in the event of our death; the person(s) we chose as trustees or executors may move away, die or otherwise become unavailable or irrelevant to our plans. Maybe we have moved to a new job or a new residence or even a new state and any of these will require alterations in our planning.

These changes are one reason you need to keep your advisors – financial, legal, insurance and more – up to date with what you are doing and needing and planning. Without your advisor’s having knowledge of your situation and without a regular check-up, you may be left in a difficult position when your planning has not kept up.

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