Spring Cleaning Your Home and Finances
Published Monday, June 12, 2023
With the arrival of spring comes the thought of warm weather, flowers in bloom, birds joyfully chirping and yes, spring cleaning.
For many of us, the month of May brings a fresh start and an intense longing to purge and refresh. Armed with cleaning supplies and a strong commitment to get the job done, we tackle those chores that have been neglected over a long winter season.
Much like our homes need a deep clean each year, spring is also the perfect time to do a financial cleanup to evaluate what’s working (or not) and to update records. When was the last time you reviewed your Will?
Life milestones (marriage, divorce, parenthood, retirement) or major events are often triggers to review or create an estate plan. Changes may not be necessary every time you review your documents, but it will give you peace of mind knowing you haven’t overlooked things as your life evolves. More importantly, having things in place when you pass will ease the strain on your family and appointed executor.
Estate planning is important to protect your loved ones, safeguard property and minimize taxes due on wealth transfer. Taking the time to review, prepare and share is well worth the effort. Here are some things to consider:
- Do you have a legal Will and named executor in place?
- Is your Will current?
- Are your existing estate planning documents signed and dated?
- Do all of your accounts have the proper beneficiary on record?
- Have you considered including a charitable gift in your Will to support a cause that is important to you?
- Have you shared your wishes and intentions with your family?
The satisfaction of a thorough cleaning endeavour, financial or otherwise, and letting go of what no longer serves you purposefully can be rewarding in so many ways. Taking the time to implement changes that will positively impact your financial situation and protect your loved ones will give you peace of mind no matter what happens in the seasons to come. Commit to getting started. You’ll be glad you did.
May is Leave a Legacy Month. A gift in your Will to the Health Sciences Foundation will equip specialists with the latest tools and technology, fund important research and improve healthcare outcomes for future generations.
To start a legacy conversation or to explore how you can leave your mark on the future of local healthcare for your family and community, contact:
Lee-Anne Camlin
Legacy Giving Officer
Health Sciences Foundation
T: 807-684-7110
E: lee-anne.camlin@tbh.net