The start of a new year is an ideal time to prioritize estate planning. Keeping your plan up to date protects your hard-earned assets as well as your family.
Consider following the guide below to make certain your estate plan continues to meet your and your family’s needs.
Review and update your will
Your will is the cornerstone of your entire estate plan. Review it annually to help ensure it reflects your current wishes, including any changes in your family structure or financial situation. Update beneficiary designations, adjust bequests and consider adding or removing executors as needed.
Reassess your financial power of attorney
A power of attorney for financial matters is crucial for managing your affairs if you become incapacitated. Confirm that your designated agents are still suitable for the role and that their contact information is current. Consider appointing alternate agents to ensure continuity.
Evaluate your healthcare directives
Advance healthcare directives, like a living will and healthcare power of attorney, outline your medical preferences if you cannot communicate them verbally. Review these documents carefully to make sure they align with Missouri law and your current values and healthcare wishes.
Review your trusts
If you have trusts to protect and pass down your assets, review them to ensure they still meet your objectives. Update the terms of your trusts and their beneficiary designations as necessary to accommodate changes in your family dynamics or financial goals.
Consider tax implications
Estate planning is about more than assets – it is also an effective way to minimize tax burdens. Stay informed about changes in tax laws that might affect your estate plan. A representative can help you modify your plan to take advantage of all potential tax breaks
