Too often, estates are not distributed according to an individual’s desires. Sometimes it is because of the lack of an estate plan, and other times because the estate plan is outdated. This outcome is regrettable and completely avoidable. The start of a new year is often marked by personal reflection, and it’s the perfect time to evaluate or reevaluate how you’d like to direct your resources. Rather than setting up your estate plan once and forgetting about it, it’s also wise to schedule periodic check-ins on the calendar. When you sit down to review your estate plan, here are some key questions you can use to identify necessary updates:
- Are the witnesses to your will still living?
- Have you moved to another state since your will was drafted?
- Does your will appoint a personal representative who would be unable to serve today?
- Have minor children become legal adults, and does this change your desires for estate distribution?
- Have tax laws changed since you last reviewed your estate plan?
- Do you need to explore the use of a trust?
- Have your charitable interests changed since your will was drafted?
- Has the size of your estate increased, resulting in a need for additional planning?
- Does your present estate plan provide for management of property in case of disability prior to death?
- Are there additional methods you may employ to avoid probate at the time of death?
Whether you are looking for guidance on creating an estate plan for the first time or you’d like some advice on making updates, we would love to be of service.
