As the year ends and we evaluate the changes which occurred in our lives, one factor you should be considering is your estate plan. Many people believe once their estate plan is in place, there is no need to change it. However, life events may mean you should consider an estate plan review, and in some cases, a revision.
When to Consider Changing Beneficiary Designations
As part of your overall estate planning, you may have designated specific beneficiaries of your life insurance policies and your IRA plans. If you were divorced during the year, a beneficiary was married, or if a beneficiary was diagnosed with a life-threatening disease, it may be time to consider designating a new beneficiary.
Estate Plan Changes as Our Family Ages
As you and your family members grow older, you may need to consider making some changes in your estate plan. For those who have financial or health powers of attorney in place, a review of the designee should be made. If they have had changes in their lives, such as an illness, they have moved, or other life-altering changes, you may need to consider an alternate.
Trust Document Changes to Consider
As we approach retirement, it may be necessary to modify our existing revocable trusts. Primarily, this would be done to protect assets, help with taxation, and preserve your rights to qualify for Medicaid and other government programs. Any new property you acquired may also need to be added to your trust.
For more than three decades, we have been helping people plan their estates. We understand the importance of peace of mind knowing your loved ones will be cared for in the event you are unable to provide such care. Contact Bird & Fugal Attorneys at Law today at 801-426-4700 and schedule a free consultation. Let us help you review your existing estate plan and determine if any changes need to be made.