How to Review and Refresh Your Estate Plan Yearly
Taking the time to review, renew and refresh your estate plan yearly – or after major life events – with a St. Louis estate planning attorney is the only reliable way to ensure that your needs and wishes will be met in the event of your death or incapacitation. Use this checklist to make sure your annual estate plan checkup covers all the bases and protects your future.
Beneficiary Designations
Each year, as your family changes and evolves, you should update your estate plan to match. You may need to add new family members (through birth or marriage) or remove someone who has passed away or is no longer in your life.
Keeping your beneficiary list up-to-date can ensure that your hard-earned assets and property go to the correct people. Be sure to review the beneficiaries named in your will, life insurance policies and retirement accounts at your annual estate planning checkup.
Fiduciary Roles
Beneficiaries are not the only role in your estate plan that may need updating. Review everyone you have assigned a fiduciary duty to in your estate planning documents. This can include trustees, the executor of your will, health care directives, powers of attorney, and guardians for minors or adults with special needs. Confirm at least once a year that the right individuals are still placed in each of these critical roles. Update your designations as needed and keep those involved informed of any key changes.
Trusts
Check periodically that your trusts and other assets included in your estate plan are adequately funded, and that the correct individuals are still named as trustees and successor trustees. If your relationship with your original trustee has changed or someone is no longer willing or able to serve, your trust requires updating.
Tax Laws
State and federal tax laws are constantly evolving. An annual estate plan checkup can account for any tax law changes that may apply to your estate and change things for you, your business or your family. Meet with an estate tax planning lawyer at least once a year to ensure you are protected from excessive taxation on your estate, and that you are taking advantage of all available tax benefits.
Charitable Gifts
Your annual checkup is a good time to take advantage of any available gifting opportunities for tax purposes – especially if you schedule your review toward the end of the year. Federal tax laws allow you to gift a certain amount of money to beneficiaries, family members, friends or charitable organizations tax-free.
Updates for Major Life Changes
Depending on the event and your life circumstances, you may need to update your estate plan immediately or soon after a major change rather than waiting until your next yearly review. Examples of major events include marriage, divorce, new children entering the family, and the death of a named beneficiary or trustee.
Schedule Your Annual Estate Plan Review in Missouri Without Delay
If you have an estate plan that you haven’t looked at in over a year or since something substantial about your circumstances has changed, it is important to contact an attorney as soon as possible. You don’t want to risk your valuable property or the well-being of your loved ones by putting off estate plan updates until it’s too late. Schedule your yearly maintenance appointment today for total peace of mind.