Creating a personal financial organizer takes time and attention to detail. Don’t let the effort go to waste by letting it become outdated. Regularly updating your organizer will ensure that your loved ones will be able to carry out your last wishes and responsibilities with the least amount of confusion. When, and how often, should you update this important document?

Events That May Trigger a Need to Update Your Personal Financial Organizer:

Rolling a 401k into an IRA

A new account, or accounts, will be formed. You will need to record these new account numbers in your organizer.

Moving Across State Lines

Changing state residency can affect many aspects of your estate planning. Powers of Attorney and Executorship may change and need to be noted.

Receiving an Inheritance

New assets and/or account numbers may need to be documented.

Marrying or Divorcing

If assets have been combined, or reallocated, new documentation may be needed. Titling of acounts may need to be changed or a n new spouse’s information may need to be added.

Buyout of Accounts

Such as one bank taking over another, this situation can be particularly confusing for your Executor. Make sure that all accounts are properly listed.

Change in Family Structure

New members of the family, such as step-children, should be listed to ensure that your Executor has everyone’s pertinent information.

Making changes after every significant event may prove to be a challenge. A little extra time invested to keep your documention up to date is an investment in your family’s peace of mind. In addition to the situations listed above, an effort should be made to revisit your personal financial organizer at least once a quarter. Creating a quarterly schedule will help ensure that your information is constantly maintained and consistently up to date. If once a quarter is just too onerous, you should place a copy of your Organizer with your tax files so that you are reviewing the information at least annually. Proper planning is one of the most loving gifts you can give your family.

About Caldwell Trust Company

Caldwell Trust Company is an independent trust company with offices in Venice and Sarasota, Florida. Established in 1993, the firm currently manages over $800 million in assets for clients throughout the United States. The company offers a full range of fiduciary services to individuals, including services as trustee, custodian, investment adviser, financial manager and personal representative. Additionally, Caldwell manages 401(k) and 403(b) qualified retirement plans for employers.