Reviewing Your Estate Plan

Like any other part of your overall financial plan, your estate plan should be reviewed on an annual basis or sooner if there are any significant changes.  You file taxes and meet with a financial advisor on an annual basis, so reviewing your legal documents should be included in the process to ensure your wishes have not changed.  Areas to be reviewed include:

  • Asset ownership
  • Account balances
  • Beneficiary designation
  • Power of Attorney/Health Care Proxy agent appointments
  • Insurance coverage
  • Homestead protection
  • Funding of IRA/Roth IRA/401(k)
  • Discuss guardianship/trusts/UTMA accounts for minor children, if applicable
  • Long term care insurance
  • Financial aid/529 planning

There may be additional areas specific to your situation, but these areas should be a good starting point to begin your discussion.