New Year’s Resolutions for Estate Planning

While prepping the New Year’s resolutions for tonight, take time to consider  making  an annual estate planning resolution to take a look through and update relevant documents. Here are some steps to help with the resolution to review:

• Take inventory of any life changes that occurred in the past year, or since the last update.
• Take a look at any planning documents, such as a will or revocable trust, and check to see if the executor and trustee designations, and beneficiaries are still accurate and if any newly acquired property needs to be accounted for.
• Give thought to whether the individuals designated as financial and health care power of attorney are still a good fit.
• Make sure a living will is in place with current wishes for health care decisions.
• Review and reconsider if necessary all beneficiary designations for life insurance plans and retirement accounts.

See Linsey Glosier & Doug Stanley, Your Estate Planning New Year’s Resolution Checklist, Bryan Cave, Dec. 30, 2014.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.