Thawing Out Your Estate Plan: Taking Action After a Review

Now that you’ve taken the crucial step of reviewing your Estate Plan, what comes next? Just like clearing away winter’s frost to welcome spring, updating your documents ensures your plan remains effective and reflects your current wishes. Here’s what to do after your Estate Plan review to keep everything in order.

Update Beneficiary Designations

One of the most common estate planning oversights is forgetting to update beneficiary designations on life insurance policies, retirement accounts, and other financial assets. Ensure these align with your current wishes to avoid unintended distributions.

Revise Wills and Trusts

If your review uncovered outdated information—such as deceased beneficiaries, changed asset values, or shifts in family dynamics—your Will or Trust may need revisions. Updating these documents can help prevent conflicts and ensure assets are distributed as intended.

Adjust Power of Attorney Documents

Power of Attorney (POA) designations for financial and medical decisions should reflect your most trusted individuals. If circumstances have changed—such as a named agent passing away, moving, or becoming unable to serve—appointing a new POA is essential.

Review Guardianship Decisions

If you have minor children or dependents, reviewing and updating guardianship designations is critical. Make sure the named guardian is still the best choice given your family’s current situation.

Ensure Asset Titles and Trust Funding Are Accurate

For those with a Trust, ensuring assets are properly titled in the Trust’s name is key. Failing to fund a Trust correctly can result in assets going through probate, negating the benefits of having a Trust in place.

Check for Legal and Tax Law Changes

Estate Planning laws evolve, and tax regulations may impact your strategies. Consulting an Estate Planning attorney can help ensure your plan remains compliant and takes advantage of any new opportunities for tax efficiency.

Communicate with Your Loved Ones

A well-prepared Estate Plan includes clear communication. Consider informing family members, executors, or trustees about key elements of your plan so they understand your intentions and their responsibilities.

Schedule Regular Reviews

Estate Planning is an ongoing process. In addition to reviewing your plan every three years, revisit it sooner if major life changes occur, such as marriages, divorces, births, deaths, or significant financial transactions.

At Biddinger, Schrot & Rolando, we’re here to help ensure your Estate Plan is always up to date and in alignment with your goals. If you need assistance with implementing changes, contact us today at 989-872-5601 for guidance tailored to your unique situation.