Why You Should Update Your Estate Plans Before Year’s End

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Being prepared for the unexpected is always a good idea, especially when so much could be at stake. Putting off creating or updating your estate-planning documents is not a good idea because it could mean giving your beneficiaries far less money. Ensuring that you have the necessary estate plans at the end of the year will comfort you and your family members.

If you find it hard to choose which people should get your assets, a guardian for your young children, or an executor for your estate or trust, remember that you can change the names later. It is better to go through the process and have something in writing than to leave it undone. Without estate-planning documents, the state will determine who gets the assets, and a large portion of your estate will go to taxes.

Review Existing Documents With an Estate-Planning Attorney

Tax laws and estate-planning methods are always changing—and so is life. Review your existing documents with a lawyer to determine if they are still what you want and need for the best asset protection from taxes.

Check Your Beneficiaries

Do you still want your named beneficiaries to receive the assets and money you planned on giving them earlier? Since they have grown older and have different needs do you need to update any of your plans for them? Have there been new births in the family or deaths that you need to consider? Have you gone through a divorce or the death of a spouse?