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As the year draws to a close, many people focus on resolutions, holiday plans, and financial reviews. One essential task often overlooked is an estate planning check-up. Much like an annual physical, your estate plan needs a periodic check-up to ensure it aligns with your current goals and circumstances. Creating a comprehensive estate or updating an estate plan is on many people’s “to-do” lists, says an article from Kiplinger, “Estate Plan Check-Ups: Don’t Just Set It and Forget It.” While the goal for most to-do items is to get it done and move on to the next task; however, unlike some duties, the estate plan needs to be reviewed regularly. For residents in Jacksonville, Florida, consulting a qualified estate planning attorney like Bill O’Leary of Legacy Planning Law Group can make this process seamless and reassuring.
Why Review Your Estate Plan Now?
The end of the year is an ideal time for reflection and planning. Here’s why:
Life Events Bring Change
Your estate plan reflects your life as it was when you created it. Major milestones—marriage, the birth of a child, divorce, or a significant financial change—can affect your wishes. If your plan hasn’t kept pace, it may no longer align with your current goals or family dynamics.
Evolving Laws and Regulations
Tax laws, probate rules, and healthcare directives are constantly changing. Reviewing your documents ensures compliance with the latest legal requirements and takes advantage of new opportunities to preserve your estate.
Peace of Mind for the Future
An outdated estate plan can leave your loved ones unprotected. Ensuring that everything is up to date gives you and your family the confidence that your wishes will be honored without unnecessary delays or legal battles.
What Should Be Reviewed in an Estate Plan?
During your estate plan review, pay attention to the critical components Jacksonville Estate Lawyer Bill O’Leary outlines in his estate planning checklist video.
1. Estate Asset Inventory
Begin by compiling an updated list of your assets. Include real estate, vehicles, bank accounts, investment portfolios, and even digital assets like cryptocurrency or online accounts. Often, this exercise can reveal overlooked items requiring attention.
2. Beneficiary Designations
Verify that the beneficiaries listed in your will, trusts, and insurance policies match your intentions. Consider both specific gifts, such as a cash amount for a grandchild, and residual distributions for the remaining estate.
3. Review Essential Estate Planning Documents
Review essential estate planning documents, ensuring they accurately reflect your wishes:
- Last Will and Testament: Assign assets, appoint an executor, and name guardians for minor children.
- Living Trust: If you want to avoid probate, ensure your trust is properly funded and up-to-date.
- Durable Power of Attorney: Designate someone to manage financial matters if you become incapacitated.
- Healthcare Surrogate Designation: Appoint a trusted individual to make medical decisions on your behalf.
- HIPAA Authorization: Ensure medical professionals can share information with your chosen representatives.
- Living Will: Clarify your end-of-life preferences, alleviating stress for your family.
4. Personal Property Memorandum
Create or update a memorandum detailing who receives personal items such as jewelry, furniture, or family heirlooms. This informal document supplements your will without requiring a formal amendment.
5. Funeral and Memorial Instructions
Document your wishes for burial, cremation, or other final arrangements. Include specifics like headstone preferences or memorial service details. This guidance can ease the emotional burden on loved ones. Learn how to create these instructions here: How Can I Ease the Burden on My Family in Funeral Planning?
Family Communication: A Vital Step
Estate planning is not just about documents—it’s also about communication. A family meeting is a valuable opportunity to explain your decisions and reduce potential conflicts. This meeting brings together loved ones and trusted advisors to discuss your plan’s intentions, minimizing misunderstandings and fostering family harmony. Sharing your plans can foster understanding and family harmony. Read more about how to conduct a family meeting in our articles, Steps for Successful Family Meetings about Wealth Management and Why Should You Talk To Your Family About Your Estate Plan
How the Client Care Program Simplifies Estate Planning Check-Ups
Partnering with a local Jacksonville estate lawyer like Bill O’Leary ensures your plan reflects Florida-specific laws and nuances. Bill and his team at Legacy Planning Law Group are known for their thorough, compassionate approach. They take the time to tailor solutions, ensuring every client feels confident and understood. Plus, the Legacy Client Care Program takes the guesswork out of maintaining an up-to-date estate plan by providing estate planning document updates. Offered with most Trust Plans, this program includes a complimentary 12-month enrollment, designed to keep your estate plan aligned with your goals and evolving circumstances. Members benefit from free simple changes and discounts on substantial changes, giving you peace of mind that your documents are accurate and reflect your wishes.
One of the key benefits is ongoing access and communication with the firm. Questions or concerns can be addressed promptly by phone, email, or in-person, typically within 24 hours, without the worry of unexpected fees. This ensures that your plan receives the attention it needs, when you need it. The asset alignment feature ensures your trust remains properly funded. Annual reviews of asset ownership and beneficiary designations are coordinated with your financial advisor, ensuring your plan remains both current and comprehensive. By enrolling in our Client Care Program, you’re not just maintaining an estate plan—you’re building an ongoing relationship with a team dedicated to making sure your legacy is secure.
Ready for Your Estate Planning Check-Up?
Don’t let the end of the year slip by without taking this critical step. Updating your estate plan ensures your loved ones are protected and your wishes are honored. Schedule a Discovery Call with Team Legacy to Get Started.
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