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Keeping Your Estate Plan Updated

Keeping Your Estate Plan Updated

March 20, 2023
Keep Your Estate Plan In Order

Is your estate plan still up to date? There's no time like the present to revisit your latest draft.

Even if you're retired and have created a plan for your estate and assets, it’s still a good idea to revisit your estate plan to review the information and stipulations documented therein.

Now is the time to make sure your estate plan is up to date with the strategies we’ve already created.

What should your estate plan include?

When you’re updating your estate plan, make sure you keep these elements in mind.

  • Will
  • Trusts
  • Beneficiaries
  • Executors

Will and Trusts

Keeping your will and/or trusts updated can give you control over the estate you worked so hard to build and allow you to decide how your assets and estate are eventually divided.

Why should you update your beneficiaries?

If you have an out of date beneficiary or power of attorney listed, you have less control over your decisions or your estate. Keeping up with your listed beneficiaries allows you to decide who does what with your estate and who you trust to make medical decisions for you.

Even if you don’t change anything else in your estate plan, you should keep your beneficiaries updated regularly.

Why are executors important?

The executor of your estate will be responsible for carrying out your plan in full. This person could be a legal representative, but they're also responsible for estimating the value of your estate, paying off taxes and debts and filing your final personal income tax. If you didn’t name an executor in your current estate plan, now is the time to do so.

If you’re not sure all these measures are in place in your personal estate plan, contact the office today.

This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.