ESTATE PLAN CHECKLIST UPDATE

As we approach the new year, taking the time to go through this checklist can provide peace of mind and a strong foundation for your family's future.ĭisclaimer: This checklist is for informational purposes only and does not constitute legal advice. Regular reviews and updates are essential to ensuring your plan continues to align with your goals and adapts to any legal or personal changes. Remember, estate planning is not a 'set and forget' process. Inform your executor or trustee where these documents are stored. Keep your estate planning documents in a secure yet accessible location. Communicate your estate plan with family members to prepare them and reduce potential conflicts.ġ2. Arrange a meeting with your estate planning attorney to discuss any changes and ensure your plan aligns with current laws and personal circumstances.ġ1. Ensure your final wishes, including funeral and burial preferences, are documented and shared with relevant parties. Yet, ensuring a smooth transition of your assets and protecting your loved ones’ future is. Navigating the intricacies of estate planning can feel like navigating a labyrinth without a map. Review any unfunded or underfunded trusts and consider funding strategies. Our 21 Step Estate Planning Checklist will ensure that your health care and financial decisions will be carried out during incapacity and after death. Ensure your trusts are properly funded. Understand the implications of using your annual gift tax exclusion or lifetime gift tax exemption. When you use your estate plan to support the Smithsonian, you are establishing a legacy of generosity. Evaluate opportunities for lifetime gifting to reduce your taxable estate. Stay informed about any 2023 tax law changes that might affect your estate plan, especially those pertaining to estate, gift, or generation-skipping transfer taxes.

Ensure your health care proxy is aware of your current medical preferences.

ESTATE PLAN CHECKLIST UPDATE

Review and update your Advance Health Care Directive or Living Will. Consider if any changes in your health or relationships necessitate updates. Confirm your designated agents are still appropriate and willing to serve. Evaluate Your Financial Powers of Attorney Consider any new assets acquired during the year and ensure they are properly titled.Ĥ. Compile a comprehensive list of your assets, including digital assets. Make sure these are consistent with your overall estate plan. Review beneficiary designations on retirement accounts, life insurance policies, and other assets. Check for any changes in your family, like marriages, births, or divorces, that might warrant updates. Ensure all wills and trust documents reflect your current wishes.

This checklist provides key steps to ensure your estate plan is up-to-date, maximizing benefits for you and your heirs. As 2023 draws to a close, it's crucial for individuals, families, and business owners in Texas to revisit their estate planning strategies.

Estate plan checklist