Mid-Year Check-Up: Is Your Estate Plan on Track?

As we reach the halfway point of the year, it’s a perfect time to revisit your estate plan and ensure everything is on track. Life can change rapidly, and your estate plan should evolve accordingly to protect your family’s future and reflect your current wishes.

Here are five key areas to review during your mid-year estate plan check-up:

1. Update Personal and Financial Information

Changes in your personal or financial situation can significantly impact your estate plan.

Review and update the following:

1. Personal Information: Ensure your contact information, address, and any other personal details are current.
2. Financial Accounts: Update account balances and ensure all new accounts are included in your plan.
3. Beneficiaries: Verify that your beneficiary designations on retirement accounts, insurance policies, and other assets are accurate.

2. Review Your Will and Trusts

Your will and any trusts you’ve established are critical components of your estate plan.

Consider these points:

1. New Assets: Ensure all new assets are included in your will or trusts.
2. Trustees and Executors: Confirm that your chosen trustees and executors are still appropriate and willing to serve.
3. Distribution Plans: Reflect on whether your distribution plans still align with your current wishes and family dynamics.

3. Evaluate Guardianship Provisions

If you have minor children, guardianship provisions are vital.

Make sure to:

1. Confirm Guardians: Ensure your designated guardians are still the best choice for your children.
2. Communicate Wishes: Discuss your guardianship plans with your chosen guardians to reaffirm their willingness and understanding of your expectations.

4. Assess Health Care Directives and Powers of Attorney

Health care directives and powers of attorney ensure your wishes are honored if you’re unable to make decisions yourself.

Review:

1. Health Care Agent: Verify your health care agent is up-to-date and knows your medical preferences.
2. Durable Power of Attorney: Ensure your durable power of attorney reflects your current choice of trusted individual to manage your financial affairs.

5. Reflect on Recent Life Changes

Consider any significant life changes since your last review.

This may include:

1. Marital Status: Adjust your plan to reflect any changes in marital status.
2. Births and Deaths: Update your plan to include new family members or account for the passing of loved ones.
3. Major Purchases or Sales: Incorporate any significant asset changes, such as buying or selling a home or business.

Taking the time for a mid-year estate plan check-up ensures your plan continues to reflect your current situation and wishes. It’s a proactive step to safeguard your legacy and provide peace of mind for you and your loved ones. If you need assistance with your review or have questions, we’d be happy to assist.