Five Key Considerations for Your Estate Plan

Maintaining your estate plan can feel overwhelming when faced with all the changes life can bring. Calling your attorney may not be your first instinct when you’re faced with a significant shift in income, investments, or employment, but consulting with us is a wise way to ensure your legal health is always maintained. Read on for five events that should capture your attention and prompt you to reach out to us for some personalized advice.

1. You’ve opened a new retirement account or established a new retirement plan.

As we all know, planning for one’s retirement is crucial. The peace of mind provided by a solid retirement plan is irreplaceable. The way you and your financial advisors choose to structure your retirement plan and invest your retirement assets will vary, as they are designed to meet your particular needs, wants, and goals. Keep in mind that if you open a new account, your estate plan will need to be reviewed and possibly updated as well. A new taxable investment account may need to be “funded” into your trust. If you’ve set up or started contributing to a tax-deferred account, such as a 401(k), IRA, Roth IRA, employee stock ownership plan, or another type of retirement plan, contact us about your estate plan, too, since we want to be certain that your beneficiary designation is exactly what you intend.

2. You’ve started a new job.

Congratulations! A new professional opportunity is exciting, and it is accompanied by plenty of financial change. As we’ve seen above, taking a new retirement plan or account into consideration is quite important, and a new company often means a new account. You may also have new employer-sponsored life insurance, so it’s important to seek our help to verify that your life insurance beneficiaries remain up to date.

3. You’ve kept the same job.

Even if this year finds you in the same job as last, open enrollment can begin when you have a life change, for example, the birth of a child, marriage or divorce. Make sure you update or verify your life insurance and retirement plan beneficiaries. We can help ensure that everything is as it should be.

4. You have teenaged children.

Your child’s 18th birthday is not only a rite of passage but also a significant change in legal status and planning needs. Be sure to schedule a meeting with us to learn what you and your teen need to do as your teen becomes an adult.

5. You started a business.

Whether you’ve fully jumped in or kept your day job, starting a business is a bold step! It’s in your best interest to take precautions to ensure your business is fully protected. In addition to the business entity issues, tax planning, and growing your business, there are estate planning implications with a new business. We can help you coordinate your new business with your estate plan.

As always, I am here for you if you have questions about the health of your estate and how it is affected by the big changes in your life. Together, we can develop or enhance your estate plan to meet your goals and secure your family’s future. Feel free to schedule a call.

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Photo by Ali Gooya on Unsplash