ell, I deliberately didn?t get into trotting out New Year?s resolutions last week. After all, the process just seems to turn into one more thing that has to be done, another guilt trip hanging over one?s head. If the task becomes that onerous then the original concept really becomes quite ineffective. However, the beginning of another year does mean thinking about getting organised. It is also a great time for a fresh start; time to take inventory of your personal assets, personal accomplishments, and plan for your financial future.

In the United States and other voluntary taxpaying countries, the beginning of each year signals the start of tax filing season. Every individual having to file a tax return is hard at work documenting all assets, income, and deductible expenses in order to reduce that year end tax burden.

Bermuda residents are fortunate, at least to this point, at least in not having income tax requirements imposed upon them, although this is not to say that we are not taxed to a significant degree, we are. But that remains the subject of another article.

Each year, retail stores go through a detailed financial evaluation process, tabulating inventory owned by the company. These numbers are then handed to the company accountants who will combine them with the remaining assets, liabilities, expenses and revenue to produce a comprehensive set of financial statements. It?s not just about the numbers on the paper; it?s also a serious comment about the way management conducts business, secures against risk, estimates and handles future liabilities, controls expenses, markets for continued revenue growth, and plans for contingencies. Those companies whose finance structures are in order receive an implicit gold star for excellence. This can be leveraged in the marketplace for better financing deals, greater visibility from the shopping public and ultimately greater profitability.

On a personal level, consider doing the same thing - it is an incredible exercise and well worth the effort. For you see, when your financial life is in order, you are free to reach for new career goals, and personal fulfilment. Dividing your financial affairs into five broad categories, risk & insurance, cash flow & investments, employee benefits & pensions, retirement projections and distributions, and estate & beneficiary planning, we will start with your last wishes before departing this earth. We typically think that having an estate means owning things (assets) of real value, such as a car, your home, lovely jewellery, and so on. Those individuals who are still struggling up the food chain, working hard to achieve their dreams may not think so. Estates are for later when they are old, set in their ways, and thinking of passing on. I?ve got news for you. The minute you sign an employment contract, choose a pension plan allocation, supply your name and age for a life insurance and disability policy, apply for a credit card, open a bank account, you have started the estate accumulation process. What could they possibly be worth just starting out in a career? Read the fine print in your employee benefit package; with group life insurance policies at many firms paying one year?s salary (or more) you could be worth a great deal to your beneficiaries when you pass, prematurely or not.

Now that have realised you may have an estate, you will want to consider the following:

What do you have?

Where is it kept?

How is it titled?

What will happen in the event of your untimely death (we are all going to die, it is just a question of when)?

Do you have children, or other beneficiaries?

Does anyone in your family have special needs?These legal documents can be simple or quite complex, but in all respects should convey your wishes to those left behind. Generally, unless time is of severe essence and you hand write your own will (and have it witnessed), a competent estate attorney should be consulted. They have seen it all and can provide professional guidance that is invaluable.Start with below and stay tuned for a further discussion another week, including excerpts form The Law of Wills and Estates in Bermuda 5th Edition by Michael J Mello QC, JP.Who are those people that you might want (today) to have your things, precious to your while you were alive, and worth considerable sums after your death. Who will need the proceeds of your life insurance the most? Should it be your significant other, your spouse, your children, your parents, your community? Who should you designate to receive that will truly value your assets or keep your image alive for posterity with some specific bequest? Even if you have some specific thoughts about who should (and who absolutely should not) inherit your estate, who is going to be sure that everyone plays fair (they don?t always, you know). Who will supervise the distribution of assets in an equitable and dignified way? Stories circulate, you all know a few, of some family member who managed to garner far more than their fair share of the goodies. Other true tales, such as the family diamond earrings being stolen (and rhinestone substitutes left) from dear old granny whose soul has just departed are disgraceful. The passing of loved ones (and some not so loved) stimulate huge swings of emotions, from guilt to euphoria and everything in between. The job of an executor is full of responsibilities and thankless chores along with a mandate of total impartiality. Pick yours wisely, and preferably not one of your beneficiaries.It?s a mistake not having a will; it is worse to not plan your estate while you are alive. Other errors are, not updating your will, naming an inappropriate executor; choosing couples as guardians; making the same person guardian and trustee; leaving too much to a spouse, or way too little; forgetting about outside children; improperly allocating assets for disability; tying up too much in trusts; not thinking about worst case scenarios; not being specific enough about distribution formulas; trying to control it all from heaven; not co-ordinating your will with other documents; not leaving specific instructions are to where everything is; and doing a will yourself but never getting it signed and fully executed!

A fresh start for the last part..... ..of your life.