2016 – Time To Review Your Estate Plan
By Scott A. Joseph, December 15, 2015
As the year draws to a close, it is a good time to reflect on the past and look toward the future. I recommend that you periodically take the time to review your estate plan to ensure that your goals at the time the documents were prepared remain the same. As the year draws to a close, the following are some issues to consider:
1. The executor(s)/personal representative(s) appointed in your will and the trustee(s) appointed in your revocable trust will be responsible for the administration of your estate and for the distribution of assets to your heirs. Are the people you previously appointed to administrator of your estate still the best people equipped to handle those responsibilities?
2. Over time, relationships evolve and family members age. Are the people you previously appointed in your will to undertake the responsibility of serving as testamentary guardian(s) still able to take on the responsibility of caring for your minor children?
3. With the exception of an irrevocable trust, the majority of your estate planning documents can be amended or revised. Are you still comfortable with the way you initially set up the distribution of your assets?
4. You have worked hard to accumulate your assets. Are the beneficiaries and/or charities named in your estate plan still the ones of your choice?
5. It may be time to revisit and adjust your current estate plan if you have had a significant change in your financial status or family situation. Is your financial status and family situation still the same as it was at the time your estate plan was prepared?
Take a few minutes to review your estate planning documents and keep the above list in mind. If you have any questions, please feel free to contact me at any time.Share this article: