Estate Planning: Start With a Checklist
The summer season has always been one where I do my best to halt or at least slow time. Despite my efforts, it seems every summer goes by faster than the one before. As it goes by and the seasons change, I remind myself that more than just the weather is changing, my life is changing.
From the time we are young, the end of summer meant the beginning of a new “year”, a new school year that we had to prepare for. We would clean out our work from last year, decide what could be used another year then move on to organizing new supplies for the coming year. This was actually great preparation for rest of our lives. The end of summer is usually less hectic than the end of the calendar year which makes it a great time to reflect on the year you just lived and think about the one ahead.
Often we forget that our decisions made throughout the year will ultimately affect our estate and the people we love. Our wishes that we have so carefully planned out, may no longer work or may no longer be our wishes. Each year you should ask yourself, what has changed in my life and how will that change my estate plan? Use a checklist to remind yourself of the important questions you should be asking:
• Have you married, remarried or divorced?
• Welcomed a child or grandchild?
• Had a career change or retired?
• Experienced a major change in income?
• Had beneficiary changes?
• Have you reviewed these changes with your attorney or CPA?
…see the attached checklist for a full list of questions
Whether you have an estate plan in place or are starting from scratch, reviewing a checklist every year will help keep your estate up to date and in line with your life. Choose a time of year that works best for you, and review your checklist the same time every year. I like the end of summer.
Gould Capital, LLC and Wells Fargo Advisors Financial Network are not tax or legal advisors.
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