Taking Care of Family: Reviewing and Updating Estate Plans

Most people dislike thinking about wills and estate planning, but taking care of things while you’re healthy is the best way you can legally protect and distribute your property based on your wishes. Once you have the paperwork filed, be sure to update your will or beneficiaries as family changes occur, otherwise your money and property may not go where you want it to go.

This is a very brief outline of what you’ll need to consider when thinking about estate planning. Please talk to your financial advisor and attorney to plan how best to take care of your wishes.

Choosing an Executor:
An executor is the person responsible for settling the estate after death. Duties include:

• Arranging for the care of your children.
• Taking inventory of property and belongings.
• Appraising and distributing assets.
• Paying taxes.
• Settling debts owed by the deceased.
• Follow the wishes provided by the will.

When to Review Your Estate Plan:

• When the value of your assets change.
• You marry, divorce, or remarry.
• You have a child.
• You move to a different state.
• The executor of your will dies or becomes incapacitated or your relationship changes.
• One of your heirs dies.
• The laws affecting your estate changes.

Paperwork to update as needed:

• 401(k)s & IRAs
• insurance policies
• estate plan & will
• bank accounts
• annuities
• trusts

Estate Planning articles you might want to read:

• http://topics.nytimes.com/your-money/planning/estate-planning/index.html
• http://www.aarp.org/money/estate-planning/
• http://money.cnn.com/magazines/moneymag/money101/lesson21/index.htm
• http://www.bankrate.com/finance/personal-finance/the-basics-of-estate-planning-1.aspx

Contact your financial advisor and attorney to find out how best to prepare for your estate planning needs.