Spring is here. While you may be already adding items to your “spring cleaning” to do list, here are some considerations for your estate planning “spring cleaning” checklist.
(1) Your Will. When was the last time you reviewed your Will? Are there additional beneficiaries, such as new children or grandchildren you would like included in your Will? Are there beneficiaries in your Will that have passed away and should be removed? Do you want to add provisions for new pets that you may have? Have you determined you want to remove or add certain charitable beneficiaries in your Will? Are you still content and comfortable with the individuals you have selected to serve as your Executor(s) and Funeral Agent(s) when you pass away? Spring is a great time to “dust off” your estate planning binder. Schedule an appointment to review your current Will and estate planning documents with us to make sure your Will continues to accomplish your goals and objectives.
(2) Financial Powers of Attorney and HealthCare Directive. When was the last time you reviewed your Financial Powers of Attorney and Health Care Directive? Is there someone new you would like to select to serve as your Agent or Health Care Representative to make financial and health care decisions for you, if needed? Spring is a good time to review your Financial Powers of Attorney and Health Care Directive and have these conversations about who will serve and assist you in these important roles to make sure you are still comfortable with the people you have selected.
(3) Asset Protection. Does your estate plan still accomplish what you would like for your asset protection and tax planning goals? Have your economic circumstances changed since you last updated your estate planning documents? Do you now need to include long-term care considerations into your estate planning? The tax laws may have changed since you last updated your documents. For example, the New Jersey Estate Tax was repealed in 2018. In addition, there have been changes with the passing of the Secure Act and Secure Act 2.0 in recent years. Call us to set up an appointment in person or via zoom to ensure your asset protection and tax planning objectives remain in line with your estate planning documents.
(4) Beneficiary Designations. When did you last review your beneficiary designations? Many assets, such as life insurance policies, retirement accounts (IRAs, 401Ks) and annuities have beneficiary designations. Remember, beneficiary designations override your Will. Therefore, these assets will not pass through probate. It is not uncommon to set up beneficiary designations when an account is first opened or a life insurance policy is first taken out and never review the individuals you have selected again. We can help you ensure that your beneficiary designations are in line with your estate planning goals and objectives.
Your estate planning documents change overtime as your family structure, economic circumstances, tax laws and your goals and objectives change and evolve. Therefore, Spring is a great time to review your estate planning documents. Call us today to set up an appointment and cross off reviewing your estate plan on your “spring cleaning” checklist.
