5 Point End Of Year Estate Planning Checklist

With the end of the year fast approaching, now is the ideal time to review your estate plan. You may have written your will years ago, and now you don’t worry about it, but that is what causes trouble for your loved ones after you pass away. It is wise to review and update your entire estate plan every couple of years. To help you out, we have designed a 5 point end of year estate planning checklist.

5 Point End Of Year Estate Planning Checklist

We recommend updating your estate plan every 3-5 years or after any life-changing event, such as a marriage or death. But remember, your estate plan includes more than your will or trust. You will also want to review other documents such as your life insurance and retirement plan.

Here is a 5 point end of year estate planning checklist:

1. Review Your Estate Plan – Do you have a will or a trust? Have you made sure everything is in line, such as your life insurance not being the will? You want to verify that all documents work together and will not cause legal problems after you pass away.
2. Evaluate Your Power of Attorney – Do you want to change who you have listed as a power of attorney? Perhaps the person you previously chose has moved far away, and you now want someone else to act on your behalf when you cannot.
3. Update Your Asset List – Have you made any new purchases or sales? Have you purchased a new vehicle, sold your boat or made a new investment? Updating your assets is an important part of updating your estate plan.
4. Plan for Taxes – While your beneficiaries are not required to pay taxes on their inheritance when they cash out your retirement account, they may be subject to taxes. Establishing the correct IRA can help your loved ones after you are gone.
5. Organize and Safeguard Your Documents – It is wise to have your estate plan in a safe place. You may keep a copy of all documents in a safe or safety depot box. And perhaps you want your estate planning attorney to keep the original. But wherever you decide to store your estate plan, you must let someone know where it is.

The above checklist will help you review and update your estate plan.

Working With An Attorney

An experienced estate planning attorney can help you review and update your estate plan. They can remind you to verify all beneficiaries (are they still alive, or do you have new ones?), assets and other information.

An estate planning lawyer will also help ensure your estate plan does not have conflicts that may cause problems after you pass away. They will help you be concise regarding the distribution of assets, ensure your life insurance is not included in your will and other aspects you may not have thought of. When you go through the work to prepare an estate plan, you want it right. Having errors or omissions within your estate plan may cause disputes among family members and even legal problems.

Oak Brook Estate Planning Attorney

If you have questions about an estate planning checklist, please contact us to schedule a free consultation. To review and update your plan properly, call us for a consultation at 630-864-5835.

Areas we serve:  Cook, DuPage, Kane, Lake, Kendall and Will counties