You should resolve to do these things in the New Year!

Forget weight loss and exercise commitments.  Make these 5 resolutions for 2012 to improve your estate plan:

1. Update your will.  Life happens.  Children grow up.  Executors and beneficiaries may need to be updated.  Do you remember who has a signed copy of the will?  Is it locked up in a safety deposit box or easily accessible?  Marriage and divorce invalid wills.

2. Make a list of assets.  When was the last time you took inventory of your assets?  Do you have special family heirlooms that should be documented?  Where are your bank accounts, credit cards, savings accounts, RRSPs, TFSAs, RESPs.  Are they at one financial institution or scattered hither and yon?  What property are you in possession of that belongs to someone else?

3. Review your life insurance policies.  List the policies.  All of them:  Life, disability, critical illness, accidental death and dismemberment, group health plan.  Do you have an advisor whose contact information should also be listed? Are there debts like mortgages that have insurance protection attached to them?  Who are the beneficiaries?  Should they be updated?

4. Review your plans and benefits.  What employer sponsored plans are you particiapting in?  Is there an RRSP matching program, stock option benefit, employee share purchase plan, pension.

5. Plan your funeral.  Help your family avoid the stress of planning the funeral or memorial service to mark your passing.  Consider a prepaid funeral arrangement.

Make 2012 the year that you get on top of your personal finances and bulletproof your estate plan.

Tags: Estate Planning, Proactive Financial Advice