Time for the 2017 Resolutions, Part I: Review Your Estate Plan!

​A Minneapolis Estate Planning Lawyer Urges You to Make An Easily-Achievable Resolution to Review Your Estate Plan!

Are you tired of the same old New Year’s resolutions? Not inspired by promises to lose weight, start exercising, and eat better? How about an original idea?  Resolve to review and update your estate plan!

I know what you’re thinking. Reading legal documents doesn’t sound like an enjoyable way to start a new year, but it is important. These documents not only determine who will receive your property when you die, but also allow you to determine who has the right to make financial and major medical decisions during your lifetime. You took the time to have these documents drafted, so do me a favor and make sure you are still comfortable with the beneficiaries and designations you made.

To make it even easier, here is a checklist of life events that may affect your estate plan:

  • The birth or adoption of a new child or grandchild
  • A child or grandchild is now an adult
  • Death or change in circumstances of the guardian named in your will for minor children
  • Changes in your number of dependents, such as the addition of caring for an adult
  • Change in your financial or other goals
  • Marriage or divorce
  • Illness or disability of your spouse or a beneficiary
  • Change in your life or long-term care insurance coverage
  • Purchasing a home or other large asset
  • Large increases or decreases in the value of assets, such as investments
  • If you or your spouse receives a large inheritance or gift
  • Changes in federal or state laws covering taxes and investments
  • A family member passed away or becomes ill or disabled
  • Death or change in circumstance of your executor or trustee
  • Career changes, such as a new job, promotion, or if you start or close a business

If any of these life changes have occurred, please call our office now to set up an appointment with a qualified Minnesota Estate Planning Lawyer to discuss revising your estate plan to ensure it still meets your needs.

Check out the next post in the series where I get into detail about specific documents in your estate plan.