One of the few things certain in today’s economic environment is change. As the end of the year approaches, you may want to review and possibly revise your financial plans, including your charitable giving. Here are some tips that may be helpful as you work through your review, so you avoid some common pitfalls:
Make sure your will is updated when there are changes in your life.
- A new marriage or a divorce, the birth of a grandchild, a move to another state, or an increase or decrease in your financial resources are some of the circumstances that may necessitate revisions.
- Plan to evaluate your will at least once a year and meet with your attorney if there are edits to be made.
- A codicil should suffice if you have small amendments to make but more extensive modifications may require a new will.
Keep your will in a safe place but it should also be easily accessible to family members when it is needed.
- It can be helpful to keep the original with your attorney but store a copy in a secure location, so you can review it occasionally, and be sure to let your loved ones know where to find it.
Take the time to think through how you want to coordinate your entire estate plan.
- This important step can be beneficial to you as well as your loved ones.
- Many assets, such as life insurance, IRAs, and financial accounts, don’t pass through a will but instead are transferred by beneficiary designation.
- To have an effective estate plan, you need to consider all of your assets and plan accordingly.
