As the year begins to wind down, fall is a good time to review your estate plan and make sure it still reflects your wishes.
Estate planning is not something you should complete once and then forget about. Families change. Assets change. Relationships change. Your estate plan should change with them.
Before the end of the year, consider reviewing these seven areas.
1. Your Will
Your will directs how certain assets will pass after your death and identifies the person you want to handle your estate.
Ask yourself:
- Does your will still reflect how you want your property distributed?
- Is the person you named as executor still the right choice?
- Have there been births, deaths, marriages, divorces, or other family changes since you signed it?
An outdated will can sometimes create confusion or unintended results.
2. Your Trust
If you have a revocable living trust or another type of trust, reviewing the document itself is only part of the process.
You should also consider whether the appropriate assets have actually been transferred into the trust.
A trust that was created but never properly funded may not accomplish everything you intended it to accomplish.
You should also review the people you named as trustee and successor trustee to make sure they are still appropriate choices.
3. Your Power of Attorney
A power of attorney allows someone you trust to handle financial and legal matters on your behalf.
Your agent may eventually need to manage bank accounts, pay bills, communicate with financial institutions, handle real estate matters, or assist with other important financial decisions.
Consider whether the person you previously selected is still someone you trust and whether that person remains willing and able to serve.
4. Your Health Care Documents
Estate planning is not only about what happens after death.
Documents such as a health care proxy, advance medical directive, or similar health care planning document allow you to identify the person who should make medical decisions if you are unable to make them yourself.
Review your documents and confirm that your chosen health care agent is still the person you want making those decisions.
It is also helpful to make sure that your agent knows they have been selected.
5. Your Beneficiary Designations
Certain assets pass according to beneficiary designations rather than through your will.
These may include:
- Life insurance policies
- Retirement accounts
- Certain investment accounts
- Payable-on-death or transfer-on-death accounts
An old beneficiary designation can create unintended consequences even when your will has been updated.
For example, a beneficiary designation you completed years ago may still name a former spouse or someone who has since passed away.
6. Your Real Estate
Real estate should be reviewed as part of your overall estate plan.
Consider how each property is titled and whether the ownership structure coordinates with the rest of your plan.
This is particularly important if you:
- Purchased or sold property
- Refinanced a home
- Added or removed someone from a deed
- Created a trust
- Own property in more than one state
The way property is titled can significantly affect how it passes after death.
7. Major Life Changes
Finally, think about what has changed since your estate plan was created.
Events that may justify a review include:
- Marriage or divorce
- Birth or adoption of a child or grandchild
- Death of a beneficiary or fiduciary
- Retirement
- A significant change in assets
- Purchasing a home
- Moving to another state
- Changes in health
- Changes in family relationships
Even when your overall wishes remain the same, your documents may need adjustments to reflect your current circumstances.
You May Not Need an Entirely New Estate Plan
Reviewing your estate plan does not automatically mean starting over.
Sometimes a review confirms that your existing documents still work exactly as intended. In other situations, only a few targeted updates may be necessary.
The important thing is knowing that your documents still match your family, your assets, and your wishes.
Make Estate Planning Part of Your Year-End Checklist
Fall is a natural time to take stock of what changed during the year and prepare for what comes next.
Adding an estate planning review to your year-end checklist can help identify issues before they become problems.
If it has been several years since you reviewed your plan, or if your family, finances, health, or property have changed, consider speaking with an estate planning attorney about whether your documents still meet your needs.
Ready to Review Your Estate Plan?
Monteleon Law, PLLC assists individuals and families in New York and Virginia with estate planning, trusts, powers of attorney, health care planning, probate, estate administration, and related elder law matters.
Contact Monteleon Law today to schedule a consultation and take the next step in protecting your future.
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This article is for educational purposes only and is not intended to provide legal advice. Laws and requirements vary by state and individual circumstances. Consult with a qualified attorney regarding your specific situation.
