It might be surprisingly to learn that a large number of people have estate plans that are not adequately updated. Fortunately, there is no better time to begin estate planning than the New Year. This article reviews some of the numerous estate planning that you should think twice about incorporating into your plans in the new year.
# 1 – Make Sure to Update Everyone about Estate Plan , Changes
You should make sure to inform anyone who will be affected by any changes to your estate plan. If you do not yet have an estate plan, now is the perfect time to create one and then inform your beneficiaries about the contents of your estate plan.
# 2 – Make Sure Your Financial Details Are Password Protected
It is a wise idea to make sure that the laptop or cloud-device on which your financial data is included is password protected. This helps to make sure that no one without authorization logs on to view your financial details. Once this information is password protected, you should make sure that your executor knows where the information containing the password is located.
# 3 – Make Sure Your Estate Planning Documents are Easily Accessible
It is critical to make sure that copies of your estate planning documents are accessible in case an emergency occurs. This means that your executor should know the location of your original estate planning documents. These estate planning documents should be adequately updated to reflect any recent changes to your estate.
# 4 – Create a Budget and Financial Forecast
It is a wise idea to create a financial plan that reflects the numerous changes that might potentially occur in your estate. While doing so, it is critical to take a long enough life expectancy into consideration. If you have achieved your financial goals, it might be a wise idea to increase how much you give to your family or to charitable organizations.
# 5 – Make Sure Your Insurance is Sufficient
Unfortunately, far too many people select casualty, liability, and property insurance that does not provide adequate coverage. Inadequate insurance coverage can lead to substantial financial damages and create obstacles from which your estate may never recover. If you have already selected adequate insurance, it is a wise to review your insurance to make sure that it still accurately reflects your goals.
# 6 – Review Your Retirement Accounts
Each year, it is a good to review your retirement accounts to make sure that they accurately reflect your estate planning goals. In 2019, it is a wise idea to review these estate planning documents to make sure that they were not adversely affected by the 2017 tax law.
Speak with an Experienced Estate Planning Lawyer
This article just some of the most common resolutions that you might make this year regarding your estate plans. If you or a loved one has considerations about estate planning, you should not hesitate to speak with a knowledgeable estate planning attorney. Contact the Ettinger Law Firm today.