The optimal time to begin estate planning is now. It is easiest to make these important decisions before a crisis occurs. Therefore, schedule a meeting with an estate planning attorney at your earliest convenience. Your attorney will assist in guiding you through discussions with the individuals you wish to designate as your trustee or the guardian of your minor children. If meeting with an estate planning attorney is not feasible due to budget constraints or time limitations, there are three simple, free actions you can take to better organize your affairs.
- Review all the beneficiaries listed on your retirement accounts and life insurance policy to ensure they are accurate, up-to-date and aligned with your wishes.
- Compile a list of all your assets and securely store it. Also, inform the person overseeing your estate about the location of the list.
- Assign a legacy contact on your iPhone or an inactive account manager for Android users. This grants the designated person access to the data on your phone, containing crucial information about your estate.
How Often Should You Update Your Estate Plan?
Update your plan anytime you have a major life change or if there is a legal amendment requiring an update. Major life changes can include celebratory occasions such as having a child, getting married or adding a grandchild to your family. They can also include events such as divorce or the death of a loved one, especially if they are named in your plan for a specific role or as a beneficiary. Another good reason to update your plan is if you acquire a new asset. It is crucial to update the ownership of your new asset to align with your estate plan and integrate it seamlessly.
Consider reviewing or updating your plan every few years even if you have no major changes. For instance, we proactively reach out to our clients every three years to assess if any updates are needed. Regularly reviewing your plan keeps it aligned with your goals and helps ensure future success.
Contact Varnum’s Estate Planning Team to start or update your estate plan today.