The beginning of a new year is always a good opportunity to look over your estate planning documents, ensure they align with your wishes, and make any necessary revisions—particularly taking into account any family changes or other big events from the previous year.
Review your will and consider not just assets, but the people involved with your estate. As you do so, here are a few specifics to think about.
Estate Planning Checklist for the New Year
- Did you, one of your children, or anyone else named in your estate plan get married last year? How about divorced?
- Did you, one of your children, or anyone else give birth to a new baby, or adopt a child who you’d like to name in your estate plan?
- Did any of the children named in your estate plan turn 18 in the previous year?
- Did you purchase any major asset, such as real estate?
- Did you sell any major asset, such as real estate?
- Have you acquired a new insurance policy? A new pension plan?
- Have you moved to a different state?
- Have there been significant changes to tax laws, which might impact your estate planning?
These questions can all provide some helpful guidelines for assessing your estate plan, but it’s also good to think more generally: Do these documents still represent my true wishes for my legacy? For my family? For my end-of-life decisions?
As you review, don’t hesitate to reach out for guidance. Our attorneys are standing by to help you make any needed revisions or updates to your estate plan, or simply to review and confirm that it’s in good working order. Reach out to the Singh Law Firm team for estate planning guidance.