Why the Beginning of the Year is the Perfect Time to Review your Estate Plan

Why the Beginning of the Year is the Perfect Time to Review Your Estate Plan

 

In the season of New Year’s Resolutions, many people recommit themselves to getting some aspect of their life in order, with a new hobby, gym routine, or, my personal favorite, a new financial strategy. The invigoration and optimism that comes with a new year is the type of mindset to be in when it comes time to review your estate plan.

An annual review of your estate plan is an excellent way to make sure your plan is up-to-date and able to tackle any changes to your assets that occurred during the previous year. Some things to consider when looking through your estate plan:

1) Your family structure. Are all the kids, parents, friends and grandkids you want considered in your estate plan? Is there anyone you no longer want to leave assets to?

2) New accounts. Did you open any new accounts in the previous year? Did you close any? Are there provisions in your estate plan for those accounts?

3) Beneficiary designations. Who are the beneficiaries of your retirement accounts? Do you need to make any changes?

4) Trust titling. If you have a trust as part of your estate plan, have you titled your assets in the name of the Trust? Any new accounts or new real estate to update the titling to?

5) Pets. Do you have a plan for your pets if you were to pass away? The beginning of the year is also a great time to update your future executor or trustee of any changes made that you want them to be aware of.

For assistance in reviewing your estate plan, feel free to reach out to Tower Trust & Investment Company: your local fiduciary experts.