A majority of Americans are conflicted over end-of-life planning, so if you are one of the 40% that has an estate plan in place, congratulations! However, even if you have a plan in place, it’s vital for your and your family’s financial future to review it and consider beneficial changes.
As we enter 2020, Forbes magazine says it’s an excellent time to take stock of your estate plan and make some New Year’s resolutions that will highlight your goals and help you find a path to reaching those objectives.
Estate planning resolutions
While everyone’s needs and situations are different, there are many ways you can make your estate plan stronger in 2020, including:
- Take stock of your team: Your plan may involve key family members or other heirs, but does it also include legal and financial advisers, as well as a care manager for medical challenges as you get older?
- Protect information: Ensure that your financial and estate planning documents are stored in a safe place, such as a locked fireproof safe for hard copies and an encrypted computer for digital versions.
- Make information accessible: Make sure you know where your documents are in case of an emergency and distribute electronic copies to appropriate family members, advisers and others in case you become incapacitated or die unexpectedly.
- Revisit tax planning options: Consult with your attorney on the potential benefits over certain types of trusts and consider updating existing trusts to protect assets and avoid taxes.
- Review insurance coverage: Examine your current policies and make sure you have adequate coverage for life, property, casualty and liability insurance.
- Review retirement accounts: Take stock of your retirement accounts and charitable giving.
There are many other considerations when reviewing an estate plan to make sure it fits your goals and needs. An experienced estate planning attorney here in Kentucky can help you keep your plan up to date and respond to changes in your life that may affect your financial strategy.