As summer winds down and everyone returns to their Fall routines, now is the perfect time to tackle the items that may have been put on the back burner while enjoying summer weather and travels- this includes your estate plan.
Estate planning is not a “set it and forget it” process. Your family, finances, relationships, and goals can change over time, and your estate plan needs to change with them.
Before the calendar gets too busy, take a few minutes this fall to review your estate plan to make sure everything is still in good order.
Your Fall Estate Planning Checklist:
1. Review Your Estate Planning Documents
When was the last time you reviewed your Will, Trust, Power of Attorney and Health Care Proxy?
Certain life events should prompt an immediate review of your New York estate plan, including:
- Marriage or divorce
- Birth or adoption of a child
- Death or incapacity of a beneficiary, executor, trustee, or guardian
- Significant changes in your finances
- Changes in family relationships
- A move to another state
Smaller changes can also have lasting consequences if left unaddressed, such as:
- Assets no longer match how your plan says they’re titled or owned
- A named executor or trustee is no longer willing or able to serve
Even if nothing significant has changed, it is a good idea to review your estate plan every 3 to 5 years to make sure the plan still reflects your wishes and works as intended under current law.
2. Check Your Beneficiary Designations
Your retirement accounts, life insurance policies, and certain financial accounts may pass directly to the beneficiaries you have named on your account- regardless of what your Will or Trust says.
Review your beneficiary designations periodically and make sure they are consistent with your overall estate plan. This is especially important following a marriage, divorce, birth, or death in the family.
3. Get Your Important Documents Organized
Make sure you and your loved ones know where to find your important legal and financial documents. Consider organizing:
- Wills and Trusts
- Powers of Attorney and Health Care Proxies
- Life insurance and other insurance policies
- Financial account information
- Property deeds and records
- Long-term care and health-related information
- Names and contact information regarding your legal, accounting, and financial advisors
Having this information organized and accessible can save your family significant time and stress if they ever need to step in and assist you.
4. Have the Conversations You’ve Been Putting Off
Estate planning is about more than documents. It is also about making sure the people you trust understand your wishes.
Talk with your family about your plans and make sure the individuals you have chosen to act as your agent, executor, and your trustee (if you have named one) understand their responsibilities.
If you are helping an aging parent, now is a good time to ask whether their estate and long-term care plan is up to date.
These conversations may not always be easy but having them before a crisis occurs can help your family feel more prepared and confident when important decisions need to be made.
A Little Planning Now Can Provide Peace of Mind Later
The transition from Summer to Fall gives us a natural opportunity to reset, get organized, and prepare for months ahead.
Whether you need to update your estate planning documents, review beneficiary designations, organize important information, or simply start a conversation with your family, taking action now can help protect you and the people you love.
This Fall, Make Estate Planning Part of Your To-Do List
If you have not reviewed your estate plan recently, or if your family or financial circumstances have changed, it may be time for a conversation with the experienced attorneys at Makofsky Valente Law Group, P.C. Contact us to schedule a consultation and take the next step toward protecting your family, your future, and your legacy.
