Estate Plan Spring Cleanup
How long has it been since you updated your estate plan? With spring on the horizon, now is the perfect time to freshen up your estate plan. Below are five points to consider when reviewing your current plan:
Have your beneficiaries changed? Do the gifts to individuals, causes, or organizations in your current estate plan still reflect your wishes?
If your children were young when you first established your estate plan, are they now of age to take over roles such as executor, power of attorney, or successor trustee? Do scheduled distributions to your children still make sense?
Have you acquired new property? If you have purchased new real estate since your estate plan was created, is your current property properly titled? Are other new pieces of personal property covered by your existing estate plan?
Do the beneficiaries listed on retirement accounts, life insurance policies, and other financial assets correspond with the beneficiaries listed in your will or trust?
Are the individuals you appointed to the executor, power of attorney, guardian, or trustee roles still willing and able to take on these responsibilities? Are other family members or friends a better fit for these roles given your current situation?
Happy spring cleaning!