Most people who make New Year’s resolutions focus on their health, weight or fitness goals. But are you maintaining healthy habits for your family’s success? It's wise to update your financial statement and review your estate plan each year so that your family will have an accurate road map if something goes wrong. Just like having an annual physical helps you stay on track of your health, it's important to take stock of your family’s overall structure, especially if you have a farm or a family business that you hope will carry on after you are gone. Some healthy habits may include:
- Updating financial statement to determine if there are any changes in assets or liabilities that impact the family plan.
- Making sure that estate planning documents are up-to-date and reflect current circumstances.
- Assessing whether any major life circumstances such as death, birth, divorce, or medical issues impact the plan.
- Keeping an eye on the tax laws to determine impact on the plan.
- Making sure all business transactions are documented properly and keeping your corporate book up-to-date.
- Keeping an up-to-date list of advisors, including your accountant, financial advisor, banker, attorney, and insurance agent.
- Maintaining records of all family transactions, including purchases, gifts and loans.
Being proactive and maintaining these habits will contribute to your family’s success.