Do those seem like two topics that don’t go together? Well, in the same way that Daylight Savings Time is supposed to be a good reminder for us all to check and switch our smoke-alarm batteries to stay safe, April 15—tax day—might be a good time to make sure your “financial life” is safe. As you gather together receipts and statements to prepare your own taxes or to deliver to an accountant, you should take a few minutes to review the “big picture”—oftentimes, an advisor can help with some simple guidance, next steps, or simply an objective outside viewpoint.

Things you’ll want to take stock of, at least annually:

1. Do you have a current life insurance policy, and is it enough to meet your family’s needs in the event of your passing? Review what a year’s spending looks like, and be sure that the beneficiaries of your policy will be taken care of for several years, if possible. Also take into account any major expenses on the horizon (such as college) and work with your advisor to make a plan to handle those expenses.
2. Ensure that the beneficiaries of your policies know where important data is kept—that is, that they know where you keep your important documents, have access to account information, have the right numbers of contacts to call (an attorney, financial advisor, etc). Many of these may be a “given” but it’s worth spending five minutes to be sure all of your contact information is up to date.
3. Be sure your policies are keeping up with the times—has your financial, employment, or life situation changed in any way? You may be well-served to review other policy options, such as term life vs. whole life…this is something you should discuss with a financial advisor, to be sure that your overall portfolio makes sense and is in-line.
4. Are there beneficiaries you’d like to add to your policy—new grandchildren, a favorite charity? Work with your advisor to be sure the relevant people are on your policy or mentioned in a will or trust document.
5. Are your investment decisions in line with best practices for tax efficiency? Depending on your income needs and your stage of life, a conversation with your accountant or financial advisor may yield suggestions to help save on taxes while planning for the future.

Most people don’t look forward to April 15, but careful planning can make sure that the taxes you pay are planned for, and futher planning can keep the rest of your “financial life” orderly as well.