Estate planning isn’t just about having a Will. It’s about making sure your wishes are documented, the right people can step in when needed, and your family knows where to find important information.
Whether you created your estate plan years ago or haven’t started yet, a simple review can help you identify what you already have in place and what may deserve some attention.
YOUR ESTATE PLAN
Start with the documents and decisions that help determine what happens to your assets and the people you care about.
☐ 1. Review Your Will
A Will provides instructions for how you want certain assets distributed after your death and allows you to name an executor to carry out your wishes. Parents can also use a Will to nominate guardians for minor children.
Already have one? Consider whether it still reflects your wishes and current circumstances. Marriage, divorce, births, deaths and other major life changes can all be reasons to revisit it.
☐ 2. Review Your Trusts, If You Have Them
Trusts can serve a variety of purposes, from managing how and when assets pass to beneficiaries to planning for minor children or family members with specific needs.
If you have a trust, review whether it still accomplishes what you intended, and ensure that assets are titled appropriately.
☐ 3. Check Your Beneficiary Designations
Retirement accounts, life insurance policies and certain other financial accounts can pass directly to the beneficiaries you’ve named, regardless of what is reflected in your Will. Review your primary and contingent beneficiaries and make sure they still reflect your wishes.
YOUR PROTECTION & DECISION-MAKERS
An estate plan isn’t only about what happens after you die. It can also help protect you if you’re unable to make decisions for yourself.
☐ 4. Review Your Life Insurance
Consider whether your current life insurance coverage still matches your family’s needs. Changes in income, debt, family responsibilities, and long-term goals may affect how much coverage is appropriate.
☐ 5. Review Your Financial Power of Attorney
A financial power of attorney allows someone you choose to handle certain financial matters on your behalf if needed.
Ask yourself: Is the person you’ve named still someone you trust to take on that responsibility? Have you named a backup? And does that person know you’ve selected them?
☐ 6. Update Your Healthcare Documents
Healthcare directives can communicate your wishes about medical care and designate someone to make healthcare decisions when you cannot.
Review your documents periodically and make sure the people you’ve selected understand your wishes. Make sure your healthcare providers and trusted family members know where copies can be found.
YOUR INFORMATION
Even a well-designed estate plan can create challenges if important information is scattered or difficult to find.
☐ 7. Organize Your Important Financial Information
Would someone you trust know where to begin if they suddenly had to manage your financial affairs?
Create an inventory of important financial information, including bank and investment accounts, retirement plans, insurance policies, real estate, loans and other significant assets or liabilities. Include contact information for your financial advisor, attorney, accountant, and insurance professionals.
You don’t necessarily need to keep every document in one place. The goal is to create a clear roadmap showing what exists and where it can be found.
☐ 8. Don’t Forget Your Digital Life
Much of our financial and personal lives now exist online. Consider how someone would access important digital information if you were unable to do so.
Gather details for your important online accounts, digital assets, subscriptions, cloud storage, and other information your family may need. Use a secure method for managing passwords and access instructions rather than including passwords directly in your Will or other documents that could eventually become public.
☐ 9. Consider Your Business and Other Complex Assets
Business ownership, investment properties, and other complex assets may require additional planning.
Business owners should consider what would happen to the company if they died or became incapacitated. Is there a succession plan? Are buy-sell agreements or other arrangements current? Does your estate plan coordinate with your business documents?
Complex estates may also benefit from additional legal and tax planning, making coordination among your financial advisor, estate attorney and tax professional especially important.
☐ 10. Make Sure the Right People Know Where Everything Is
You don’t have to share every financial detail with your family today. But at least one trusted person should know where your important estate documents and financial information are stored and whom to contact for help.
One More Thing: When did you last review your estate plan?
An estate plan isn’t something to create and forget. Major life events, financial changes, or simply the passage of time can affect whether your plan still reflects your wishes.
Even when nothing significant has changed, a periodic review can help ensure your estate plan remains current and aligned with your goals.
Estate Planning Is Part of Your Bigger Financial Picture
Your estate planning is connected to many parts of your financial life, from investments and retirement accounts to insurance, taxes, and the legacy you hope to leave behind.
Have questions about how your estate plan fits into your overall financial plan? Contact Access Wealth to start the conversation.
