Most of us are so focused this holiday season on what gifts to buy the kids, or where we’ll be spending Christmas Eve, that the more important things that benefit us most end up on the back-burner. It’s good to take time this holiday season to focus on the fun, but not at the expense of tying up loose ends that matter most in the long-run.
Here are 5 Must Do’s for any family before the year comes to an end.
- Review Your Finances. For most of us during Christmas, we are so busy swiping our card and checking our bank account balances that we forget to be checking our investment accounts, health saving accounts, retirement accounts, and emergency funds. Take time to meet for an hour with your financial advisor and your accountant to review your financial performance this year and discuss strategies for starting 2017 off right.
- Update Your Beneficiaries. Did you get married this year or have a new child? Did a relationship end? Did you set up a family trust? Every person should take time to review who their beneficiaries are on their current policies and make sure it reflects their current wishes. You should also double check to make sure all of your banking and investment accounts, and your home, are properly titled in the name of your trust (especially if you refinanced this year).
- End Whatever Is Not Working For You. Take time to look at where you have been spending your time, who you are spending it with, what services you are using, where you are spending your money, and what is and is not working for you. There is no need to drag into 2017 what did not work for you in 2016. (Family members excluded course!!)
- Prioritize Your Health. The Christmas season is full of holiday cheer, and full of holiday carbs. The best quote I heard was from a personal trainer who asked a crowd in December ‘Do you want to be a Fat Santa or a Buff Elf’? His point was, don’t wait until the new year to get healthy and fit. One of the best ways we can combat the stress and foods of the holidays is to take a walk, do some yoga, or lift some weights. When we feel better physically, we feel better mentally.
- Let it Go. Most of us were offended or wronged by someone this year. It may even be a family member we now have to sit across from at the Christmas Dinner table. Whatever it was or whoever it was, no matter how bad it hurt, give yourself the best gift this holiday season and let it go. Enjoy the holiday season knowing that you may have been wronged, but you are giving yourself a free pass to feel at peace.
One of our roles as your trusted Newport Beach family trust attorney, is to not only help you set up and update your estate plan, but to make sure you have all of the support and resources you need to be the best you this Holiday Season. We are happy to refer you to the best financial advisors, accountants, therapists, spiritual advisors, personal trainers, and life coaches—whoever you need to end this year with the best possible outcome. Call your Newport Beach Family Trust Attorneys today at (949) 718-0420 for guidance and referrals, and to make sure your family trust reflects your current wishes and circumstances.