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Here’s What to Cover in Your Mid-Year Estate Planning Analysis

June 13, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

It’s the middle of the year which seems like a great time to mentally check out and go on vacation. However, it’s appropriate to conduct a mid-year estate planning checklist. Having a consultation with your New Jersey estate planning attorney is one way to ensure that all of your materials are still on track and cover your unique needs from an estate planning perspective. Review any trust agreements and your existing will. 

Over the course of a year and even in the last six months, your professional and your personal life could have changed dramatically. The next step is to consider whether the fiduciaries you’ve named are still appropriate. Significant responsibilities are aligned with your trustees and executors so they should be people that you trust. Likewise, review your financial powers of attorney and determine whether the beneficiary designations listed on your retirement accounts and your life insurance policies are still appropriate.

Any existing insurance coverage should be evaluated. If major life changes have occurred such as the birth of a child or a divorce, it may be appropriate to update some or all of your estate planning materials. One big mistake that people make is failing to fund a trust. During your mid-year estate planning review, you may wish to discuss your opportunities to fund a trust with the help of an experienced estate planning lawyer.

Talking to an attorney early on will help you identify your short term as well as your long-term plans as it relates to your estate. Passing on as much wealth as possible to a future generation or to charities may be one of your goals for minimizing taxes and determining appropriate vehicles for passing on this material are common reasons why you may wish to consult with an experienced estate planning lawyer.

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