January: The Perfect Time to Review Your Estate Plan

January offers the perfect opportunity to review your assets and your estate plan.

Whether it’s the calm after all the holiday hustle and bustle, or the cold weather that keeps most of us hunkered down and dreaming of summer vacations, there’s many reasons why you should take a comprehensive look this month:

• Whether it’s the seats around the holiday table or all the cards and family pictures, you’ve just gone through the annual refresher on those who mean the most to you. Perhaps some of those people need to go into or come out of your estate plan

• Most employers just completed open enrollment, so you might need a closer look at beneficiaries on a new retirement plan or life insurance policy

• Tax season is just around the corner, when all your assets go under a microscope and a lot of numbers get crunched

• Many financial planners are sending their year-end-reports, showing gains and losses, and making recommendations for some next steps

• The season of giving to churches, charities, and other year-end tax-advantaged donations might have inspired you to include a more substantial gift in your estate plan

• You might have gained or given away some items of personal significance like family heirlooms, and can avoid confusion or conflict with a memorandum to your executor or trustee

And, if you need to schedule appointments to discuss or to sign documents, these early months are usually a lot easier on everyone’s schedule to make sure things get done quickly and efficiently. Our experienced team is ready to help you every step of the way, with cost-effective solutions to ensure you are prepared.

Attorney Tom Schmitt