Update Your Financial Plans
Changes in your life may require you to adapt your financial game plan
Your life changes constantly, and your financial plans need to adapt accordingly. Major life events - such as a birth or a death in the family, marriage, divorce, a job loss or a new career - may have important ramifications for your finances. Your advisor can show you which pieces of your plan you should review, and help you make any necessary adjustments, but make sure you go over the following things:
In the event of your death, assets in your insurance policies, retirement plans and other accounts may be distributed to the people listed as beneficiaries-even if your will, trust documents or other estate paperwork say otherwise.
Your estate plan
Major changes in your life usually call for revising your will, and may require adjusting trust documents as well. For example, you may wish to add a newborn child or grandchild to your estate plan, or write out a former spouse.
Your emergency fund
Certain situations, such as the birth of a child or the possibility of a layoff, call for boosting your emergency reserves.
The birth of a child may also create a need for more life insurance and disability insurance for you and your spouse.
After leaving a job, you may continue to have savings in the company's retirement plan. However, you may wish to roll these assets into an RRSP, which may offer greater investment selection and lower management fees.