It’s a new year, and along with the resolutions you make to lose weight or get more exercise, you should resolve to review your estate plan. That’s not high on most of our lists of fun things to do, but it is important, especially if you had a major life event, such as the purchase or sale of real estate, or a marriage, divorce, or similar event occur during the past year. Life events can impact your estate plans in a big way, and you don’t want your plans to go awry later if you could have prevented it now. Here are some key points to think about when you review your estate plan.
- Check your beneficiaries. If you got divorced in the last year you may not want to keep your ex-spouse as the beneficiary of your life insurance policy, for example. Review all your financial beneficiaries to see if you want to make changes.
- Update your will or trust. Do you want to change any distributions of assets? Add or subtract names to the will? Now’s your chance.
- Revise and refresh powers of attorney and healthcare directives. These legal documents can expire, or you may change your mind about your wishes in the financial or health care areas, and the documents will need updating. You may also want to talk with loved ones about how your plans have changed.
An estate planning review is a necessary task at least once a year, so why not do it now while the year is still young?
If you need expert advice about estate planning, contact Grissom Law, LLC at 678-781-9230.
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