BROADCASTS.com

b"A few days back, my primary care doctor\\u2019s office sent me a reminder to come in for my annual physical exam. \\xa0You know, the one where they check you out just to make sure everything\\u2019s humming along as it should and to make sure you\\u2019re doing all you can to stay in good health for the next 12 months.
on your annual financial checkup, take stock of your financial health. \\xa0Consider how you\\u2019ve progressed towards financial goals and how well you\\u2019re positioned for future financial success and prepare a budget for spending, savings, and investments in the year ahead.
Along the same lines, as a financial adviser, I urge my clients to take stock of their finances regularly, ideally every month or every quarter, but definitely at least once a year. Think of this as your annual financial checkup where you take stock of your financial health, how you\\u2019ve progressed towards your financial goals and how well you\\u2019re positioned for future financial success. \\xa0And then prepare a budget for spending, savings and investments in the year ahead.

This financial health check will give you peace of mind, keep you on-track to achieving your financial goals and protect you in times of adversity. It will also serve\\xa0as a gentle motivator that gets you to think twice before spending frivolously and guide you toward staying on top of your savings and retirement goals.

So today I plan to talk about the things I\\u2019d like you to think of as part of your annual financial checkup. \\xa0Let\\u2019s get started.\\xa0

Estate Documents:

Some of you may have heard the urban legend about the guy who got divorced and remarried and then accidentally left millions to his ex-wife when he died because he forgot to change his beneficiaries. The problem is, this isn't a myth. These things can and do happen, more often than you might think, as Jennifer Woods of CNBC points out in a recent article.

A\\xa0year-end financial checkup also helps you make sure your important documents are in order, reflects your wishes, and you are up-to-date with major life changes such as marriage, birth, or divorce. These are documents such as your last will and testament, health-care proxy, and power of attorney. Your estate planner should make sure these documents are updated to reflect any recent changes to state or federal laws.

Designated Persons:

Another aspect of these documents is making sure that the people you've appointed to handle various things like your estate, medical decisions on your behalf or acting as guardians if you have minor children are still alive and capable. Furthermore, situations and relationships often change, so someone who may have once been appropriate may no longer be the right choice. For example, people often list their parents as guardians of their children, but parents age or get sick or disabled and are often not in a position to act as guardians. \\xa0Make sure you\\u2019re comfortable with your choice for appointees, and talk to them every year about how you\\u2019d like them to manage your affairs. \\xa0Don\\u2019t just rely on documents because written words can be interpreted differently and could lead to actions you may not want. \\xa0It\\u2019s always a good idea to have that talk and to let your appointees know they\\u2019ve been nominated. \\xa0Ask them if they\\u2019re still willing to play the part and tell them how you\\u2019d like your affairs handled. It\\u2019s also a good idea to record these conversations so they\\xa0be referred back to or presented\\xa0should disputes arise.

Now is also a good time to add or check who you\\u2019ve listed as beneficiaries for things such as life insurance policies, retirement accounts, CDs, savings or brokerage accounts. If a beneficiary isn't named the asset will pass through your estate and be distributed based on the terms of your will.

Here\\u2019s another thing. \\xa0Our nation is one of immigrants who\\u2019ve come from abroad,"