Take some time this coming weekend to review your estate plan documents and other financial papers (set aside an hour, and give yourself a reward afterward!)
Here are the key things to review:
- Has your financial situation changes dramatically since the last time you had your Wills or Trust drafted?
- Have any of the people you named as guardians, executors, health care agents or trustees moved away or had a change in circumstance that make them inappropriate to serve? If you appointed a couple as guardian of your children, are they still married?
- Do you have any new bank accounts that need to be added to your trusts or new life insurance policies? Check that the beneficiaries are correct.
- Have your children had a change in circumstance since you drafted the document? If they are minors, do they have any special needs? If they are older, are the potential ages of distribution in the trust or will still appropriate? Are they having any personal difficulties that might make inheriting money outright in appropriate?
- Do you have any new medical conditions that your health care agents should be aware of?
If you have answered yes to any these questions, make the necessary changes, communicate with your agents and call your attorney if your legal documents need changing.Then pat yourself on the back for taking the time to review your plan and make sure it will continue to serve you and your family.
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