By Sam O’Neill
Frequent review of your estate plan is crucial for protecting your assets and ensuring your wishes are carried out effectively.
To help you determine if it’s time for a review, here are five essential questions to consider:
1. Have you experienced any significant life changes? Life events like marriage, divorce, the birth of a child, or the passing of a loved one can significantly impact your estate plan. It is essential to review your current estate plan to determine if any life changes necessitate an update to your estate plan. If you have minor children, it is vital to review your Will to make sure any guardianship provisions are current and reflect your preferences for who should care for your minor children in the event of your incapacity or death.
2. Are your beneficiaries and fiduciaries current? Over time, relationships may evolve, and individuals named in your estate plan may change. Reviewing and updating your beneficiaries and fiduciaries (Personal Representatives, Trustees, Financial Power of Attorney, and Health Care Power of Attorney) ensures that your assets are distributed according to your wishes and responsible individuals are designated to manage your affairs. Consideration should also be given to any advanced healthcare directives, such as your Living Will or Health Care Power of Attorney, to ensure you have appointed trusted individuals to make medical decisions on your behalf if you become incapacitated.
3. Has there been a change in your financial situation? Have you received an inheritance, purchased or sold property, or started a business? Any of these situations may require adjustments to your estate plan. Ensuring that your estate plan reflects your current financial circumstances is essential for effective asset management and tax planning.
4. Do you have any digital assets? With the increasing prevalence of digital assets such as cryptocurrency, social media accounts, and online financial accounts, ensuring your estate plan contains provisions for managing and distributing these assets appropriately is important.
5. Have you planned for charitable giving? If you have, it is important to review your estate plan to ensure it is consistent with your current wishes. The charitable landscape is constantly evolving with the creation of new organizations, causes, and initiatives. Regularly reviewing and updating your charitable giving provisions ensures that your philanthropic goals align with your current passions and beliefs.
If you have any questions regarding your estate plan, gaining the assistance of an estate planning attorney can be beneficial. Abrahams Kaslow & Cassman LLP has been assisting families with estate planning since 1944.
Contact Sam O’Neill at s[email protected] for more information.