An End-Of-Year Estate Planning Checklist
Kids just went back to school not that long ago but soon enough everyone will be giving thanks and getting ready for the end-of-year holidays. While this is certainly a celebratory time of year, it is also time to start thinking about reviewing and updating your estate plan. Whether you need to finalize documents or just ensure that everything is current and up to date, preparing for you and your family now can go a long way in the future. Below, our Daytona Beach estate planning lawyer provides a checklist to follow before relaxing and enjoying the upcoming holiday season.
Review Your Will
Wills are the foundation of many estate plans and so, it makes sense to start the review of your plan with your will to make sure that it still reflects your wishes. A change in life circumstances such as a birth, death, marriage, or divorce can significantly affect these decisions. If you do not update your will when necessary, it can lead to more stress and outcomes you did not intend. Also review your beneficiary designations on retirement accounts, life insurance policies, and other assets.
Consider the Benefits of a Revocable Trust
A revocable trust, also sometimes referred to as a living trust, gives you control over how your property is handled during your lifetime and after you pass away. Unlike wills, revocable trusts can also help your loved ones avoid the probate process. If you have financial assets and specific goals for the distribution of that property, a revocable trust can help make the transition smoother. A trust will also provide confidentiality for your estate and provide solutions for unique situations, such as supporting family members over a certain period of time.
Organize Your Digital Assets
Social media profiles, email addresses, cryptocurrency accounts, and other types of digital assets are all part of daily life today. You may obtain digital assets throughout the year but overlook them in your estate plan. Create a comprehensive list of your digital assets as well as your login information and any instructions regarding how you want them handled. This can prevent access issues for your loved ones and simplify the process for them.
Draft Advance Directives
If you have not already, it is important to draft healthcare directives in the event that you become incapacitated and cannot make decisions regarding the medical treatment you do or do not receive. Additionally, a durable power of attorney (DPOA) will ensure that your financial matters are managed according to your wishes in the event that you cannot handle them on your own. If you have drafted these advance directives, it is important to review them before year-end to ensure they still reflect your wishes.
Our Estate Planning Attorney in Daytona Beach Can Review Your Plan
Reviewing your estate plan does not have to be complicated but it does require strong attention to detail. At Bundza & Rodriguez, our Daytona Beach estate planning attorney can help you work through this checklist to ensure your wishes are clearly outlined and your family members are well supported. Call us today at 386-252-5170 or contact us online to request a consultation and to learn more about how we can help.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
