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Estate Planning Projects to Tackle in the New Year

As the end of the year approaches and you begin to look back on 2018, what changes need to be reflected in your estate plan? Were you married or divorced in the past year? Perhaps you have welcomed a new child or grandchild or experienced a change in your health. So much can change in a year, and it is important not to let too much time pass before those changes are reflected in your plan.

The same as staying in regular contact with financial advisors, primary health care providers, and accountants, your estate plan will serve you best when it is kept up to date with the changes that shape your life.

Keeping your estate plan current with each significant development in your life is much more efficient than having to do a comprehensive overhaul later on. The end of the year is the perfect time to take stock of any changes regarding the individuals listed in your estate planning (fiduciaries or beneficiaries) in case adjustments are required.

Your End-of-Year Checklist

Many people find estate planning — whether it is embarking on creating a new plan or updating an existing one — can feel overwhelming. A checklist cuts through the mental clutter and allows you to focus on the most important decisions to protect yourself and your family.

Use this handy checklist to prioritize your time.

  • Has your family welcomed any new children or grandchildren?
  • Has anyone named as a fiduciary (successor trustee, agent, or health care agent) in your plan passed away this year?
  • Were you married during 2018?
  • Has this year involved a divorce for you or any of your fiduciaries or beneficiaries?
  • Have you changed your preference about who is listed as a trustee?
  • Have you changed your preference about who is listed as an agent?
  • Have you changed your preference about who is listed as a health care agent?
  • Do you want to change who is appointed as your children’s guardian?
  • Is there a pet caretaker you would like added or removed?
  • Have you had a significant increase or decrease in your net worth?
  • Have you changed jobs or purchased a business?
  • Did you move into a new home?
  • Did you sign your will or trust before 2013?

If the answer to any of these questions is “yes,” your estate plan requires attention soon. As we head into 2019, start your year off on the right foot by taking a few moments to see what projects you should prioritize. Contact us so we can discuss.

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