Firm Commentary

With technology and innovation creating more opportunities than ever, it’s easy to get swept up in the busyness of life. Between work, family, and constant notifications, the things that matter most often end up on the back burner — including your estate plan.

Whether you’ve been putting off creating your will and essential estate documents, or you know updates are overdue, now is the time to take action—especially if you have travel plans over the holidays.

Don’t let your estate plan slip through the cracks. Taking a few moments before the New Year to review and update your estate plan can bring lasting peace of mind for you and your loved ones. Here are a few key areas to focus on as you close out the year:

• Develop or revisit your objectives 

In most cases, if you pass away without a will, the court system will determine what happens with your things, and even who may take care of your minor children. A will simply reflects and communicates your current wishes for your assets and minor children when you pass away, so having one is critical. 

• Review your beneficiaries 

Check beneficiary designations on any retirement accounts, life insurance policies, and transfer-on-death accounts to ensure they align with your overall plan. Your beneficiary designations will override even what’s in your will, so it’s vital they reflect what your will intends.

• Evaluate guardian provisions

If you have minor children or dependents, ensure that guardianship instructions are clear and up to date. It’s also wise to revisit who you’ve named as contingent guardians if your first choice is no longer available or suitable.

• Update powers of attorney and health directives

Additional documents, such as financial and healthcare Powers of Attorney allow others to act on your behalf when while you’re impaired or incapacitated. Make sure you name trusted individuals who are able and willing to fill these roles as agent and proxy. 

• Revisit your trusts and asset titling

If you have a trust, confirm that it’s properly funded and that your assets are titled correctly. Unfunded or outdated trusts can lead to complications or unintended probate exposure. Reviewing what assets should be held in trust can avoid issues later.

• Communicate you plans and organize key document

Consider discussing your wishes with loved ones to minimize confusion later. Also, estate plans are most effective when your family or trusted advisors know where to find them. Keep copies of wills, powers of attorney, and insurance information organized and accessible.

A little attention now can go a long way later.

If you’d like help reviewing your estate documents and plan, our team can provide some practical tools and resources you can use. https://www.connected-wealth.com/next-steps