We all lead busy lives and we often put off jobs.
But now is the perfect time not just to spring clean the house, but to carry out a ‘Personal Spring Clean’ too.
It only takes a moment to carry out a quick and basic personal spring clean and get to matters actioned.
Ask yourself these five quick questions:
Do I know what my monthly budget is?
A quick tot up of money in and out can help you to refocus your budget and allow you to start planning how to put your income to best use. Plan ahead if there is likely to be any large expenditure in the year. You can also look to see if there is excess income that this is either properly saved and invested, or put to good use. Perhaps it’s time to start considering making gifts or looking at wrapping up funds into a trust?
Have my personal or financial circumstances changed?
Whenever there is a change in personal of financial situations, it’s really important to consider if this impacts on any previous investment strategies or estate planning. Does your Will still do the job you need it to? Do finances need to be rearranged, retirement plans considered or money invested?
Have I made sure that I have sufficient protection to cover any change in my finances?
Not only is it important to look at changes in finances in terms of budgets, savings and investments, but also, to consider that you have sufficient protection in place should you pass away expectantly. Do you need to look at life insurance, or think about the impact debt may have on your plans for who should inherit your estate?
When did I last have my Will reviewed?
Not only may a change in personal or financial circumstance mean that you Will needs reviewing, but laws and inheritance tax changes may mean that you need to review your Will. Review you Will whenever there are changes in your life, or at least every three years.
If you don’t have a Will, then take action to get an appointment to get your Will drafted. Remember that it is important to get proper legal advice and avoid unregulated Will writing companies.
Do I have documents in place for my personal and financial matters to be handled if I become incapacitated?
Once you’ve got everything in order it’s important to make sure that you have Lasting Powers of Attorney for both personal Health and Welfare decisions as well as Property and Financial decisions. This will make sure that if you did become incapacitated that there is someone ready to step into your shoes and carry on making decisions on your behalf. Without it, it could see much of your hard work going to waste.
Ask your clients these questions as part of your fact finds. Asking if they have a Will is simply not enough. We all need to properly review our lives from all angles and dig a little deeper when speaking with clients to make sure that they properly consider their circumstances and estate planning.
We all need to use the new energy and positivity spring brings, to encourage ourselves and our clients to get in order.