It’s an old cliché; the only certainties in life are death and taxes, and sure enough, tax time is upon us again. I don’t know anyone who enjoys gathering all the paperwork, crunching the numbers, filing your taxes, and, worst … having to send in a check on top of it all. But we all know the enormous sense of satisfaction when it’s done. How about getting more from all your efforts by using all those updated documents to help you conduct your Estate-Plan-Check-Up? Might as well put them to good use, right?
If you haven’t updated your plan recently, here are four quick things to check to ensure it is still what you want.
#1 Has a status changed with any of your beneficiaries or executors since the last update? For example, has anyone moved far away or passed away, or have you experienced a severe breach in a relationship? Also, are there any NEW beneficiaries such as new children, grandchildren, nieces, or nephews?
#2 Do you have a digital asset file? If so, your plan should include information about your digital “life” so your executor or beneficiaries can access it if something happens to you.
#3 Do you have a plan for your pets? We see it every day: shelters and rescues are overrun with cats and dogs left behind when their owners die, and no arrangements are made. No one wants that for their beloved pet. It is simple to make arrangements in advance as part of your estate plan for their future.
#4 You probably have a Living Will and Medical Directive. Now is a good time to first confirm your wishes remain the same and haven’t changed. Second, to ensure the individual trusted to speak on your behalf in your Medical Directive is still the right individual. People often name their spouse, but divorces happen; you probably don’t want your ex making decisions about your medical care now.
That’s it. Running through this checklist won’t take long, but it could save you a lot of heartache if your plan is outdated. So, take a look and then let me know if I can help update your plan. Meanwhile, good luck with tax filing!
Sincerely,
David