Mid-Year Estate Planning Checklists: How to Use One

Keeping in mind it’s the middle of the year, it’s a great opportunity to review your existing estate plan. There are several different steps you can take to accomplish this and have more peace of mind and confidence that the plan you have put together protects your individual wishes. These steps include:

Consider whether the people you have names as fiduciaries are still appropriate.

Analyze your beneficiary designations.

Look at any trust or existing will agreements.

Look at your investments as well as the advisors who are helping you with those investments.

Analyze current insurance coverage and determine whether or not it is enough.

Look at how your assets are titled since it may be advisable to retitle these from one spouse to another or from a joint tenancy into a tenancy in common.

Analyze your financial powers of attorney.

Fund a trust you’ve put together.

Meet with your estate planning lawyer to discuss any changes in your life.

Determine whether or not you’ve considered any additional property that you’ve added into your life in the last year.

Setting aside even just one hour to walk through these steps with your lawyer might seem like something that’s easy to put off another few months or years, but remember, your estate plan should adapt with your life as your needs change. That requires planning and analysis to determine when materials need updated.

Ready to review your plan or put one together for the first time? Talk to a New Jersey estate planning lawyer to learn more.