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EYE ON MONEY: Tips on getting financially organized this spring

Published: Apr. 6, 2022 at 11:46 AM CDT
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DULUTH, MN. (CBS 3 Duluth) - Spring is often when we think about getting things cleaned up and organized in our lives.

In this week’s Eye on Money, local financial advisor Brian Resch from MPPL Financial joined Natalie Grant to discuss how people can do some ‘spring cleaning’ in their financial lives.

According to Resch, one common area that people should pay more attention to is estate planning.

According to the AARP, six out of every ten Americans have no estate planning documents, and many of those who have documents haven’t reviewed their documents in years.

Circumstances and laws may have changed in the meantime, so periodic reviews and occasional updates are required to have an effective estate plan.

Resch said the best place to get documents drafted is with an attorney who focuses their practice on estate planning.

Some examples of documents that place should have in place include a will, health care directive, power of attorney, and trust documents, if necessary.

According to Resch, many people, especially those with minor children, don’t understand the importance of having these documents in place, so it doesn’t get prioritized.

Resch said doing estate planning well requires a lot of discussion and thought.

Adding, we have to contemplate what happens in circumstances we view as negative, like a major medical event or death.

To get started, Resh says to reach out to a qualified estate planning attorney and simply begin a conversation or check in with your financial advisor.

You can catch Eye on Money every Wednesday at 6:15 a.m. on CBS 3 This Morning for more weekly financial tips.

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