A Minneapolis Estate Planning Attorney Explains Why You Should Make a Resolution to Review Your Estate Planning Documents This Year
Are you tired of the same old New Year’s resolutions? Not inspired by promises to lose weight, start exercising and eat better? How about an original idea? One that won’t take too long and will allow you to cross a resolution off your list pretty quickly?
Review your estate planning documents.
I know what you’re thinking. Reading legal documents doesn’t sound like an enjoyable way to start a new year. But, hear me out. Reviewing your documents does not mean you have to read them cover to cover. The task is much simpler than that. You simply need to review your will, trust, and powers of attorney to ensure they still comply with your wishes. These documents not only determine who will receive your property when you die, but also likely determine who has the right to make financial and major medical decisions during your lifetime. You took the time to have these documents drafted, so do me a favor and make sure you are still comfortable with the beneficiaries and designations you made.
To make it even easier, this post provides a basic checklist of items we suggest you review annually (make it a New Year’s tradition!).
- The birth or adoption of a new child or grandchild
- A child or grandchild is now an adult
- Death or change in circumstances of the guardian named in your will for minor children
- Changes in your number of dependents, such as the addition of caring for an adult
- Change in your financial or other goals
- Marriage or divorce
- Illness or disability of your spouse or a beneficiary
- Change in your life or long-term care insurance coverage
- Purchasing a home or other large asset
- Large increases or decreases in the value of assets, such as investments
- If you or your spouse receives a large inheritance or gift
- Changes in federal or state laws covering taxes and investments
- If any family member passes away, becomes ill, or becomes disabled
- Death or change in circumstance of your executor or trustee
- Career changes, such as a new job, promotion, or if you start or close a business
If any of these life changes have occurred, please call our office now to set up an appoint so we can discuss revising your estate plan to ensure it still meets your needs.