Start the New Year Right: Review and Update Your Estate Plan

The start of a new year is an ideal time to review your estate plan. Here’s a quick checklist to help guide the process:

1. Review Beneficiary Designations

   • Confirm your listed beneficiaries for life insurance policies, retirement accounts, and other financial assets are up-to-date.

   • Update designations if there have been any life changes, like a marriage, divorce, birth, or death.

   • Update Incapacity Planning Documents

     • Ensure your Powers of Attorney reflect your current preferences and designate trusted individuals.

     • Review and update your Health Care Directive to ensure your medical wishes are clearly outlined.

   • Reassess Asset Distribution

     • Confirm your will or trust reflects your current intentions for asset distribution.

     • Consider whether changes in tax laws or family dynamics warrant updates.

   • Check Guardianship Designations

     • If you have minor children, ensure guardianship designations in your will and emergency documentation are still appropriate.

   • Inventory Your Assets

     • Update the list of your assets, including real estate, investments, and personal property.

   • Consider Recent Changes in Laws

     • Stay informed about any legal changes that could affect your estate plan and discuss them with your attorney.

   Starting the year with a thorough review ensures your plan remains aligned with your goals and provides peace of mind for the future. Reach out to Provision Law Firm today for a free consultation!