The beginning of a New Year is a good time to set goals for the year. Most of the time, people are focused on setting goals for their personal health or physical appearance. The popular New Year’s resolutions are to “lose weight”, “start exercising”, “stop smoking” or to “get in shape”. However, goals for our financial well being are just as important as goals for our physical well being. Why not consider adding a goal to review your Estate Plan and Estate Planning Documents this New Year?
I generally advise clients to make it a practice to review their estate plan and planning documents every 3-5 years. However, changes in life events may necessitate a change to your estate plan. The death of a named beneficiary, the addition of children or grandchildren to the family, a marriage or a divorce may be the type of event that will require a change to your estate plan.
Its not too late to make one of the following New Year’s Resolutions for 2013:
1) Review your estate plan – Is it complete? – If not consider getting it done in 2013;
2) Is your estate plan up to date? If not consider a plan review and insure your plan is current;
3) Have you given copies of plan documents to named agents of family members? – If not make it your resolution to give copies of documents to Family members; and
4) In addition to the review of your estate plan, have you reviewed the estate plans of aging parents and/or grandparents?
Take the time to review your estate plan and make 2013 a great new year!