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:
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!