Is It Time to Update Your Estate?

“What estate plan? I’m too broke to have an estate plan”, you may be thinking.  If you work or have children or assets, you have an estate plan.  Either you have already developed one on your own or, by default you have decided to let the courts plan it for you in the event of your untimely departure.  Why not be proactive and decide for yourself what will happen to your assets.   It will also relieve the burden off the courts and especially your family of trying to figure out your wishes.

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Generally speaking, your estate plan should be reviewed at least every two years to determine whether it needs to be changed or updated. Additionally, if any of the following events occur, you’ll probably need to update your estate plan (i.e., your will, living will, powers of attorney, life insurance coverage, and trusts). 

· Marriage or Divorce

· Birth/adoption of a child

· Death of a spouse or child

· Sale or purchase of residence 

· Retirement

· New tax laws

As a result of any of these changes, here are a few steps you may need to take:

· Revise your will

· Reassess your life insurance needs

· Add or change Power of Attorney

· Change beneficiaries on wills, trusts or life insurance

· Change withholding allowances

· Update your "What to Do” letter or Post-Mortem Letter

Yes, you may have had conversations at the dinner table but, whatever is in black and white is what rules and if nothing is in writing, the judge rules.   So take a few minutes of your time now, to be sure you accomplish what you intend to be carried out later.  

Feel free to contact our office for questions or assistance.