January Estate Planning Checklist

A thorough review ensures that your plans reflect your current wishes and family circumstances. Here are some key areas to focus on during your review:

1)     Review Your Estate Planning Documents

Start by revisiting your will, trust, and any other estate planning instruments. These documents should align with your current goals and family dynamics. For example, if you got married or finalized a divorce, someone you named as an executor or beneficiary died or you’ve had a falling out, or if your kids are old enough to take care of things themselves, then you need to update your documents.

2)     Update Beneficiary Designations

Beneficiary designations on assets such as retirement accounts, investment accounts, and life insurance policies will override the instructions in your will or trust. It is crucial to ensure that these designations are accurate, and if you have a trust, that you’ve properly named the Trust as the beneficiary. Failing to do so could result in unintended consequences, such as assets passing to an ex-spouse or other unintended beneficiaries, or worse – going to probate court.

3)     Revise Your Memorandum to Your Executor or Trustee

A memorandum provides informal instructions to your executor or trustee regarding the distribution of your personal property. It is particularly useful for items of sentimental or unique value, such as family heirlooms, jewelry, or artwork. Take time to review and revise this memorandum to ensure it reflects your current wishes, and any doesn’t mention any items that you’ve already given away. And good news: you don’t need a lawyer to draft one, nor do you need to have witnesses or a notary when you sign it!

4)     Plan for the Future

The start of a new year is a good time to think about your long-term goals. Do you have a plan in place, or do you need to establish or update a trust? Are there charitable organizations you wish to support? These considerations can help you refine your estate plan to better meet your objectives.

By taking the time to review in January, you can enjoy the year with peace of mind, knowing that your wishes are clearly documented and your loved ones are protected. If you have questions or need assistance, our team is here to help. Contact us today to schedule a consultation.

Attorney Tom Schmitt