Recent Posts

Archive

Tags

FIVE KEY CONSIDERATIONS FOR YOUR ESTATE PLAN


Maintaining your estate plan can feel overwhelming when faced with all the changes life can bring. Calling your attorney may not be your first instinct when you are faced with a significant shift in income, investments, or employment, but consulting with us is a wise way to ensure your legal health is always maintained. Read on for five events that should capture your attention and hopefully prompt you to reach out to us for some personalized advice.

1. You have opened a new retirement account or established a new retirement plan.

As we all know, planning for one’s retirement is crucial. The peace of mind provided by a solid retirement plan is irreplaceable. The way you and your financial advisors choose to structure your retirement plan and invest your retirement assets will vary, as they are designed to meet your particular needs, wants, and goals. Keep in mind if you open a new account, your estate plan will need to be reviewed and possibly updated as well. A new taxable investment account may need to be “funded” into your trust. If you have set up or started contributing to a tax-deferred account, such as a 401(k), IRA, Roth IRA, employee stock ownership plan, or another type of retirement plan, contact us about your estate plan, too, since we want to be certain your beneficiary designation is exactly what you intend and consistent with your estate plan.

2. You started a new job.

Congratulations! A new professional opportunity is exciting, and it is hopefully accompanied by plenty of financial change. As we have seen above, taking a new retirement plan or account into consideration is quite important, and a new company often means a new account. You may also have new employer-sponsored life insurance, so it is important to seek our help to verify your life insurance beneficiaries remain up to date and consistent with your estate plan.

3. You kept the same job.

Even if this year finds you in the same job as last, open enrollment for life insurance may have serious consequences. For example, it may be important to verify your life insurance beneficiaries and retirement plan benefits. We can help ensure everything is as it should be.