A Fresh Start This Fall: 5 Estate Planning Tasks to Tackle

Fall is a natural time to get organized. The kids are back in school, summer travel is winding down, and the holidays are still far enough away that you have a little breathing room. It’s also a good time to take a fresh look at your estate plan. 

Estate planning is easy to put off because it involves decisions about finances, family and, ultimately, what happens after you’re gone. But reviewing your plan doesn’t have to be complicated. A quick checkup can help you catch outdated information and make sure your wishes still reflect your life today. 

Here are five estate planning tasks worth tackling during the seasonal shift. And whenever you're ready, know we're here to support you.  

#1. Review Your Will or Trust 

When was the last time you actually read through your will or trust? If the answer is “I have no idea,” that’s a good place to start. 

Your estate plan should reflect your current circumstances. A marriage, divorce, birth of a child or grandchild, death in the family, significant change in assets, or move to a new state can all be reasons to revisit your documents. 

Even if nothing major has changed, it’s still worth giving your plan a once-over. You may spot a beneficiary, executor or trustee you no longer want named. 

#2. Check Your Beneficiary Designations 

Your will isn’t the only document that determines who receives your assets. Retirement accounts, life insurance policies, annuities, and some financial accounts have beneficiary designations that can control where those assets go. These designations generally operate separately from your will. That means an outdated beneficiary designation can create a very unpleasant surprise. 

Take a few minutes this autumn to review the beneficiaries on your accounts. Make sure the names and relationships are correct, and check whether anything needs to be updated. 

#3. Make Sure Your Powers of Attorney Are Current 

Estate planning also covers what happens if you’re unable to make decisions for yourself. A financial power of attorney allows someone you trust to handle financial matters on your behalf if you become incapacitated. A health care power of attorney or similar advance directive can name someone to make medical decisions when you cannot. 

Maybe your original choice has moved across the country. Or perhaps your children are now old enough to take on the responsibility, or your family dynamics have changed. Now is a great time to consider whether the people you named are still the right choices.  

#4. Take Stock of Your Assets 

A legacy plan works best when you know what you actually own. Make a list of your major assets, including real estate, bank accounts, retirement accounts, investments, business interests, life insurance, and valuable personal property. You don’t need to create a spreadsheet worthy of an accountant’s office. A simple, current inventory is a great starting point. 

Pay attention to assets you’ve acquired since your last estate plan review. A new home, investment account, or business interest may affect how your estate should be handled. 

Estate Planning Tip: It’s also helpful to make sure your loved ones know where to find important documents and account information if something happened to you, even digital assets like social accounts, photo libraries, etc.  

#5. Talk With Your Family 

Planning your estate involves paperwork, but it also involves conversations. You don’t need to gather everyone around the dining room table for a dramatic family meeting. A few honest conversations can prevent confusion later. 

Let the people closest to you know where your important documents are located and who you have chosen to make financial or medical decisions for you. If there are specific wishes your family should understand, this is a good time to discuss them. 

Take a Fresh Look at Your Estate Plan  

Estate planning isn’t something you should create once and forget about forever. Your life changes, assets fluctuate, and your family grows. Your estate plan should have room to keep up. 

This season, set aside a little time to review your documents, check your beneficiary designations, update your powers of attorney, and take stock of what you own. If something no longer looks right, don’t ignore it. 

Ready to give your estate plan a fall checkup? Contact me, Elaine McGinnis, P.A., to discuss your current plan and determine whether any updates are needed.