3 Estate Planning Musts

1.Review and update your estate plan regularly – Review and update your estate plan regularly — when life changes occur, your estate plan should reflect this as well.  For example, did you just buy a house, get married or divorced? I

f you have an estate plan, these events may drastically change what you had originally planed in your trust and will.  If you don’t have an estate plan, this is the  time to create one — protect your home by transferring it into your trust; name your new partner as successor beneficiary to your estate; or take out provisions originally provided for your now ex.
*Remember, life events don’t necessarily have to be BIG to need to review your estate plan — for example:  Are you traveling out of the state or country?  If so, you should quickly review it and let someone know where your documents are should they be needed.

2.Review your life insurance policies – Sometimes we are lulled into a false sense of security after purchasing a life insurance policy.  Every so often you should check your policy and make sure that it is still good.  You should see if your policy is providing the protection you wanted when you first purchased it.  For example, are you now “under insured” because you have kids? Was it a term policy which has or is about to expire?

3.Double check your beneficiary designations – Double check your beneficiary designations — Remember that beneficiary designations on documents such as financial documents and life insurance policies will be honored OVER any provision in an estate plan.  Meaning, if you had originally designated your first spouse the beneficiary of a life insurance policy and now you are divorced — should anything happen to you prior to you amending the beneficiary designation — the proceeds WILL go to your ex.

  • 15 Mar, 2015
  • Löan Shillinger

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