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A Financial To-Do List for Summer’s End

Some very good ideas for closing this out at the end of the summer:



Summer is winding down so it’s time to get a move on that financial housekeeping you’ve been putting off.

You’ll want to update important paperwork, retirement accounts and insurance coverage among other tasks. Then revisit budgeting goals you set at the start of the year. And you’ll want to prepare for big tax changes that are scheduled to take place in 2013. Here’s a to-do list:

1. Wills and Estates

Too many people make the mistake of waiting until they have a big life change, such as a new child, to update a will and estate plan, says Paul Jarvis, a certified financial planner in Fargo, N.D.

But smaller changes, including opening a new bank account or refinancing your mortgage, may merit a tweak to your estate plan. “A lot can change in a year,” says Mr. Jarvis.

Start by taking a look at your beneficiary designations and making sure your life insurance and retirement accounts will go to the intended recipients, says Mr. Jarvis. Do the same for your will, and make sure it reflects any new assets you’ve obtained.


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