#Estate plan review checklist update#

The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship.

This document is designed for general information only. Guardianship for Minor Children: It's essential to revisit their choice of a guardian. Safeguarding a legacy hinges on these documents' legal soundness.īeneficiaries and Distribution of Assets: Take a closer look at your beneficiaries and distribution of your assets.Įxecutor, Trustee and Guardian Appointments: Confirm that the individuals appointed to fulfill your wishes are still willing and capable of carrying out their roles. Legal Documents: Ensure the legitimacy of your legal documents, including your will, trust, and attorney. Double-check contact details, beneficiary information, and the specifics of appointed representatives. Updated Information: First things first, it's crucial to keep all the vital information in an estate plan up to date. You can also ensure that your plan is entirely up to date and in compliance with any state and federal laws.Twenty points to help ensure your legacies stay on track! Regularly updating your plan can help you to avoid simple estate planning mistakes. You may also want to change specific gifts or recipients.

#Estate plan review checklist update#

The laws concerning gifts can change over time, so you should review any gifts and update them accordingly. Grant Deed to your home Bank statements Investment account statements Retirement plan account. If you have an irrevocable trust, confirm that the trustee properly carries out the trustee duties like administration, management and annual tax returns. Estate planning is a critical part of being a grown-up. You should also check your estate and inheritance tax burden with an estate planning attorney. If you have a revocable living trust, look at the trustee and successor appointments. If you have minor children, you should also designate guardians for them. Review the details of your will, including your executor, the allocation of your estate and the potential estate tax burden. It is also important to affirm any clearly expressed wishes as to your end-of-life treatment options.Ī Will. The third part outlines what documents you will need to create with an attorney to make sure your estate plan is executed exactly how you want. The second part lists what information you need to gather. The first part consists of questions you need to ask yourself. Make your wishes clear about do-not-resuscitate (DNR) provisions and tell your health care providers about your decisions. Our Florida estate planning checklist consists of three parts. An estate plan is only as good as it is current. You should also review and update your health care power of attorney. Here is a simple checklist to help you ensure your estate plan is ready for whatever 2024 throws at you. A power of attorney is a document in which you authorize an agent to act on your behalf to make business, personal, legal, or financial decisions, if you become incapacitated.

Review your plan with an experienced attorney to see if it’s been impacted by changes to any state or federal laws. Therefore, it’s wise to review your estate plan to make sure it complies with local laws and regulations.Ĭhanges in Probate or Tax Laws. Your clients estate plans should be revisited every year or two to ensure its still aligned with their current circumstances and intentions. Note that if you’ve recently moved to a new state, the estate laws vary in different states. That means your awful Great Uncle Ed may inherit, while your beloved. Kiplinger’s recent article “2021 Estate Planning Checkup: Is Your Estate Plan Up to Date?” gives us a few things to keep in mind when updating your plan: Why You Still Need an Estate Plan Someone has to inherit your assets, and if you dont decide, state laws will do it for you.

If laws have changed, or if your wishes have changed and you need to make substantial changes to the documents, you should visit an experienced estate planning attorney. It’s even more necessary if you experienced a significant change, such as marriage, divorce, children, a move, or a new child or grandchild.

Make sure that you review your estate plan at least once every few years to be certain that all the information is accurate and updated.