5 events from the last year that should trigger an estate planning review

Written by: Tom Schmitt, Esq

It’s that time of the year, when every radio station, newscast, and magazine run their “Year in Review” features. It’s also a good time to take a few moments to think about these five triggers from this past year that might affect your estate plan:

1)    Your people with responsibilities: If you named a family member as Executor or Trustee, are they still up to the task? If you listed a trusted friend as your agent, do they still know and understand your wishes? And don’t forget the responsibilities of guardians for minor children. If you need to change people, this is a MUST for calling your attorney.

2)    Your beneficiaries: Maybe Giving Tuesday connected you with a charity that you now want to include in your estate, or maybe the holidays were a chance to reconcile with someone you had omitted from your plan. It’s easy to make those changes to that part of your plan with us.

3)    A New House: Congratulations on the new home! It might be your residence, or a vacation house, but it’s important you record a Transfer on Death Designation Affidavit to make sure that property avoids probate. It’s a simple document that can save a whole lot of time and money later.

4)    Your accounts and investments: Did you open a new bank or investment account or get a new life insurance policy? How about whether you checked all your designations the first time around? Make sure everything lines up, and that your plan is ready for it.

5)    New business: If you started a new business – whether as a main source of income or as a side job, it’s essential that your operating agreement calls out who can step into your place if something happens, or where your ownership transfers. And if you started a new job, see the “new accounts” reminder above – did you set up a new retirement account through that new employer?

If you found yourself wondering about any of the above, give Eques a call and schedule a no-obligation telephone consult to discuss what’s right for you.