Review your major financial goals. Update your plan if some of those goals are outdated or unrealistic. Key goals could include retirement dates, buying a first or second home, college for the kids, buying into a retirement community, or major gifting.

Review your budget. Some people should do this more than annually. For others, once per year is enough. The key question: is your spending roughly in line with target, and, if not, do you need to make changes? Don’t get caught up in the details. Keeping track of how many Starbucks lattes you buy is not helpful, and it will only make you less inclined to budget.

Review your monthly savings: Are you saving as much as you can into your retirement account? Have you thought through the benefits of Roth vs traditional (pre-tax) savings? Can you automate your savings to make sure it happens each month?

Review your paystub and employee benefits: The key items include your retirement plan contributions (see above), your withholding tax rate and checking for any benefits you are missing out on, like a health savings account or flexible spending account.

Review your investments:

• • Do you have the right amount of stocks and other riskier investments compared to cash and bonds (less risky investments)? If your personal situation has changed, your portfolio may need adjustment. An example: you need to withdraw more, or less, from your accounts in the future than you have in the past.
  • Can you create losses (“tax-loss harvesting”) to offset taxable gains created this year or which you will create in the future?
  • Do you have unnecessary clutter, like too many accounts?

Review your estate planning documents. Amend them this year if any document needs updating. It’s easy to put this in the “I’ll do it later” category. If your plan is out-of-date, please don’t delay.

• • Last will
  • Revocable living trust (if you have one)
  • Advance health care directive
  • Durable financial power of attorney

Confirm that the people you chose to help you (executors, successor trustees and agents on powers of attorney) are in the loop. Do they have a copy of the relevant document? Do they understand their role? They have probably forgotten about this and will appreciate a 10-minute update from you or your advisor.

Confirm all your financial assets have a beneficiary who will automatically become the owner when you die.

• • If any asset lacks a beneficiary or is not owned by a trust, it will go through probate. In some states, probate isn’t difficult. In others, it’s a hassle. The burden will fall on your executor. Do you want it to?

Confirm your insurance premiums are paid and offer the right amount of coverage:

• • Homeowner’s insurance (including valuables). If you are using one of the insurers who advertise aggressively, there’s a chance you are underinsured. That’s the way they keep their premiums low.
  • Auto insurance
  • Umbrella liability insurance
  • Life insurance
  • Disability insurance
  • Long-term care insurance

Confirm you have at least 3 years of tax returns and they are stored safely (preferably in the cloud).

Confirm someone you trust knows how to access all your financial accounts and information at your incapacity or death. Keep the list and your passwords safe. Please use a password manager. That will help keep your passwords secure and make it easier for your caretaker or next-of-kin.

Check your credit reports for errors. There are three bureaus: Equifax, Experian and TransUnion. Have an account at each.