Estate Planning

Year End, New Year's Reminders

By Jennifer Sawday

While you are organizing and putting away things around the home from the holiday season, don't forget to review your existing estate plan. If you don't have an existing estate plan, 2008 would be a great year to get started.

For 2008:
1. Review your existing estate plan. Things to look for: make sure your wishes are being met, make sure your asset schedule is up to date and make sure the family structure (births, divorces and deaths), nominations for trustees and any special provisions remain applicable.

2. Check your beneficiary designations for all of your financial products (retirement accounts, life insurance policies, annuities, bank/brokerage accounts) to ensure they are up to date

3. If you have a trust, make sure all of your important assets as advised by your attorney are transferred into your trust (double check newly acquired assets and real property holdings)

4. Work with your attorney to update your estate plan, beneficiary designations and asset transfers accordingly

5. If you don't have an estate plan in place, make 2008 the year it gets done

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Estate Planning, Probate and Trusts involve complex areas of law. Individual circumstances must be considered before any advice can be given.  The general information above is not to be construed as legal advice, which can only be given after consideration of the unique facts of each matter. Please seek the advice or counsel of your attorney, financial advisor or CPA as it may be appropriate.

Full post as published by Estate Planning Practice Blog on December 27, 2007 (boomark / email).