A key part of an annual year-end review of financial planning should include a review of the estate plan.
As the end of each year approaches, people who keep close watch on their financial plans take that time to look at investments, asset relocations and a close look at the status of their retirement plans.
As U.S. News & World Report points out in an article entitled “3 Key Considerations for Year-End Financial Planning,” it is also a good idea to review estate plans as another year draws to a close.
In that spirit, here are a few simple tasks you can do with your estate plan at the end of the year:
- Make sure all beneficiary designations are up-to-date.
- Consider whether you want to change any delegations of authority in your general durable power of attorney and health care power of attorney.
- Read your will and make sure you still want your property divided as specified.
- If you have a trust make sure any property you acquired during the last year has been properly added to the trust.
- Talk to your family about your estate planning goals.
- Make any gifts as called for by your gifting plan if you have one.
- If in your estate plan review you discover changes should be made to your plan, call your estate planning attorney and schedule an appointment for the beginning of the year.
It is always important to be confident in your estate plan and putting a review of its effectiveness on your end-of-year schedule would be helpful.
Reference: U.S. News & World Report (Dec. 17, 2015) “3 Key Considerations for Year-End Financial Planning”
