Erik Smith, CFP®
Spring is a natural reset. For the people we work with, those quietly shielding their family’s financial future, it’s also one of the best times of year to pause, take stock, and confirm their plan is keeping up with life.
At Wealth Dimensions, we work with a lot of individuals we’ve identified as family stewards. People who think in decades, not headlines. They’re focused on making sure the people they love are taken care of, now and long after they’re gone.
This checklist is especially useful if you’ve had a life change in the last 12 months, or it’s been a while since your last comprehensive review. If that sounds like you, read on.
1. Beneficiary Designations
This is an often-overlooked update. Something people intend to update but forget to actually do. Marriage, divorce, the birth of a child, the death of a parent; life changes faster than most financial documents. Your beneficiary designations on retirement accounts and life insurance policies override your will, so it’s critical they reflect your current intentions.
What to look for: Are your primary and contingent beneficiaries still correct? Have you accounted for minor children? Does your per stirpes language still make sense for your family structure? Review these at least annually and after any major life change.
2. Estate Planning Documents
When did you last look at your will, trust, power of attorney, or healthcare directive? If it’s been more than three years, or your family situation has changed, it’s time for a review. Estate planning isn’t a one-time task; it’s a living part of your financial plan.
What to look for: Are your named trustees and executors still the right people? Does your healthcare directive still reflect your wishes? Have any assets been acquired that aren’t properly titled or funded into your trust?
At Wealth Dimensions, we coordinate directly with your attorney, CPA, and other professionals so nothing falls through the cracks.
3. Life Insurance Coverage
Your coverage needs to change as your life does. A policy that made sense when you were 40 with young children may look very different at 55 with a paid-off mortgage. Spring is a good time to confirm your coverage still matches your income, your debts, and the people who depend on you.
What to look for: Is your death benefit still appropriate for your family’s needs? Are your premiums competitive? Do you have coverage you’re paying for that no longer serves a purpose?
4. Tax Return Review
With tax season wrapping up, take a few minutes to actually read what you filed. Your return is one of the most useful documents in your financial plan for spotting planning opportunities. A
large refund might mean you’re over-withholding. A large balance due might signal a need to adjust.
What to look for: Capital gains activity, RSU or option income, charitable giving patterns, and withholding surprises. These are all flags worth bringing to your advisor before year-end.
Schedule a spring planning check-in here.
5. Cash Flow and Spending
A lot can shift in 12 months. Salaries change, expenses creep up, and priorities evolve. Pull up the last few months of spending and ask: Does this reflect what we actually value? This isn’t budgeting for its own sake; it’s verifying your money is going where it matters most.
6. Investment Portfolio Review
Markets move, life changes, and what started as the right asset allocation may have drifted. Spring is a natural time to check whether your portfolio still reflects your goals, your timeline, and your risk tolerance.
What to look for: Rebalancing drift, single-stock concentration, and whether you have the liquidity you’d need over the next 12 to 24 months.
7. Retirement Income Projections
If retirement is on the horizon, it’s worth running updated projections at least once a year. What does the income picture actually look like, year by year, accounting for taxes and required distributions? If you’re already in retirement, review whether your withdrawal strategy is still the most efficient approach given current tax law.
8. Equity Compensation and Stock Positions
If you receive RSUs, stock options, or hold a significant position in your employer’s stock, spring is a good time to revisit your strategy. Coordinate vesting schedules, tax events, and diversification intentionally rather than letting them pile up.
9. College Funding Plans
If you have children or grandchildren, where do 529 balances stand relative to your goals? Have contribution levels kept pace with rising education costs? This is also a good time to revisit investment options inside the account as enrollment approaches.
10. Your Overall Plan
Take a step back and ask whether your plan still reflects your life. New goals, new family dynamics, a career change, an inheritance, a health development—any of these can shift what good planning looks like. If you haven’t had a comprehensive review recently, spring is the time to schedule one.
The Point of the Checklist
The goal is not to strive for perfection, but to stay on top of what matters most. The families who navigate life’s transitions successfully aren’t the ones with the most complicated plans. They’re the ones who keep showing up to make sure the plan is still working.
If you work through this list and find a few areas that need attention, that’s a good thing. That’s exactly what this process is designed to reveal.
At Wealth Dimensions, we’ve been helping families do this work since 1986. If you’d like to walk through your checklist with an advisor, we’re here.
To schedule a spring planning check-in, call (513) 554-6000 or visit wealthdimensions.com.
Frequently Asked Questions
What should a family steward review every year for financial planning?
A family steward should review beneficiary designations, estate planning documents, life insurance coverage, tax returns, cash flow, investment allocations, retirement income projections, equity compensation, college funding plans, and their overall financial plan at least once a year. Spring is an ideal time because it follows tax season and allows for meaningful adjustments before mid-year. Working with a comprehensive financial planning firm can help ensure nothing falls through the cracks. At Wealth Dimensions, we work with families across Cincinnati and the surrounding region to conduct exactly this kind of thorough annual review.
When should I update my beneficiary designations?
Beneficiary designations should be reviewed at least annually and updated after any major life event, including marriage, divorce, the birth or adoption of a child, or the death of a named beneficiary. Because beneficiary designations on retirement accounts and life insurance policies override a will, keeping them current is one of the most important and most frequently overlooked steps in financial planning.
How often should I review my financial plan with an advisor?
A comprehensive financial plan should be reviewed at least once a year, with additional check-ins when major life changes occur. Annual reviews allow your advisor to assess whether your investment strategy, tax planning, insurance coverage, and estate documents still align with your current goals and family situation. At Wealth Dimensions, ongoing plan reviews are a core part of how we work alongside our clients, not an afterthought.
About Erik Smith
Erik Smith is a dedicated Financial Advisor at our firm, specializing in creating personalized financial plans that meet the unique needs of our clients. With a keen focus on portfolio construction, research, and analysis, Erik plays a crucial role in monitoring and adjusting our clients’ financial strategies to ensure they align with their long-term goals.
Prior to joining Wealth Dimensions, Erik worked at UBS Financial Services for six years, developing and executing strategic financial plans to help the firm’s high-net-worth clients achieve their long-term goals.
Erik graduated from Xavier University with both a Bachelor of Science in Business Administration (BSBA), majoring in finance, and an MBA with concentration in finance. He also earned a CERTIFIED FINANCIAL PLANNER®️ certification.
Erik is the president of the Habitat for Humanity of Greater Cincinnati Young Professionals. When he’s not involved in the community, he enjoys spending his free time attending concerts and golfing.