New York (CNN/Money) - The rocky economy, the threat of terrorism and the possibility of war have left many of us feeling helpless in more ways than one.

Some are taking steps to safeguard their families in the event of attack. Others are taking a long hard look at their financial health, questioning whether they should employ a more conservative stance.

This is no time to make knee-jerk changes to your investments, of course. But, financial planners say all this uncertainty does present a perfect opportunity to reassess where you stand - something you should be doing on an annual basis anyway. Consider not just your saving and spending strategies, they suggest, but also your tolerance for risk. And while you're at it, you'll want to be sure your estate plan is in order.

"If there is a positive thing to say about war, [it's that] it can be a wake-up call for people to get their financial life in order," said Gary Schatsky, president of Independent Financial Counselors, a fee-only financial advisory service.

Related Articles Rethinking the Iraq reaction A battle plan for your portfolio War and Iraq: 5 portfolio don'ts Are you prepared for the worst?

A simple review of your finances, in fact, regardless of whether it yields any significant change, may even help you sleep at night. And right now, that's worth a lot.

"You can't control the external factors, but you can control your emotions. Taking action empowers us," said Zelda K. Benson, a senior financial advisor with American Express. "Go through the checklist and ask yourself if you've done all you can do."

To get you started, here are three questions you need to answer:

One of the most important things to consider when looking at your finances is whether you have enough cash set aside for emergencies. Financial planners recommend having enough liquid savings on hand to cover three to six months of living expenses, as well as any expenses you anticipate having in the next three to five years. Right now, it's a good idea to aim for the higher end of these estimates.

"I'm always very surprised by how little cash people have around," said Brooks Tucker, a client advisor for Deutsche Bank Alex. Brown.

If your emergency stash is not what it should be, first see if you can add to it by cutting your spending. "Most people who sit down and look closely at their expenditures can find a lot of things that they don't really need to be spending money on," Tucker insists.

Adds Tom Grzymala, president of Alexandria Financial Associates: "People should postpone luxury buys and, if they haven't already, refinance their mortgages to the lowest rate they can get."

Be advised: You need not horde emergency cash in your freezer or mattress. In the event of a disaster, your money is still safer in a bank or other financial institution where records are backed up on an hourly basis and in multiple locations, according to the American Bankers Association. (Read more about stockpiling cash.)

"Right now you may want to keep a little more cash on hand," Grzymala said. "But goodness gracious don't put $20,000 under your mattress."

According to Schatsky, many investors have recognized they don't have the same risk tolerance they had four years ago. War or no war, he notes, you need to make sure your portfolio reflects your appetite for Wall Street's ups and downs.

Advisors say many investors are guilty of not being able to pull the plug on stocks or mutual funds that are down and out and show little promise of coming back to life. "Some people still haven't sobered up," said Tucker. "They think 'it went up before so it will go up again.'"

Although your asset allocation depends on many factors,including your time horizon, cash flow needs and personal comfort levels, the general rule is that any money you're going to need in the next three to five years should be out of the market. (If, after trimming your spending, you still have inadequate cash reserves, then this is also reason to take some of your investments off the table.)

"Everyone got a little full of themselves in the heydays of the 1990s," said Jeff Hirsch, publisher and editor of the Stock Trader's Almanac. "You should not be putting money you can't afford to lose into stocks, particularly in this environment."

At the same time, don't take drastic measures either. While you should be revisiting your risk tolerance, don't tear apart your portfolio with an eye only on the short term. "If you have the right asset allocation you want to sit tight," said Benson. "You don't want your emotions to force you to bail out of the market."

"War gets people thinking about mortality even if they aren't going to be doing any fighting themselves," said Schatsky. "Now's a good time to look at whether you have the right life insurance coverage and to make sure your estate plan is in order."

How much life insurance you need depends on a number of factors, but, in general, the purpose of life insurance is to replace income that would be lost if you passed away and to pay for any expenses related to your death. "There's no good rule of thumb for insurance since people have such different situations," said Schatsky. (Click here to learn more about life insurance.)

While insurance ensures your family will be taken care of, having an estate plan as well will save them a great deal of hassle and heartache. Most estate plans should include a will, a living will, assignment of power of attorney and a medical power of attorney. (For more on estate plans click here.)

It's a good idea to look over your insurance policies and estate plan every three to five years anyway. When going over your estate plan, says Benson, be sure to take into account any pertinent changes to tax laws. Also, regularly review beneficiary information on your insurance policies and financial accounts, as these do change.

Once you've organized your finances, make sure all of the paperwork that's related to your life's savings is organized, duplicated and tucked away in a safe place.