The Ledger: Estate Planning Awareness Week – A Checklist Worth Revisiting

Melanie Hamerlinck, FPQP, Associate Investment Officer
Tower Trust & Investment Company

October 19-25 was National Estate Planning Awareness Week, an annual observance designed to increase awareness of the importance of having an estate plan in place.
It’s also a great opportunity to revisit your own plan. Are your documents current? Are the right people named to act on your behalf? Would your family know where to find important information if something unexpected happened?

A quick review can help identify areas that may need attention.

Estate Planning Checklist:

Your Documents

Does your will still reflect your wishes for your assets and family? Are your living will, healthcare directives, and other estate-planning documents current?

The People You Have Chosen

Are you still comfortable with the individuals named as your financial and healthcare powers of attorney, executor, or trustee? Are they still willing and able to serve?

Beneficiary Designations

Have you reviewed the beneficiaries on your retirement accounts, life insurance policies, and other accounts to make sure they still reflect your wishes?

Trusts

If you have a trust, are the appropriate assets titled in the trust, and does the trust still fit with your overall estate plan?

Life and Family Changes

Have marriage, divorce, a birth or adoption, the loss of a loved one, or other significant changes affected any part of your plan?

Important Documents and Financial Information

Do you know where your original estate-planning documents and important financial records are located? More importantly, would the people who may need them know how to find them?

Gifting and Legacy Plans

Are there gifts to children, grandchildren, charitable organizations, or others that you would like to make during your lifetime or through your estate?

Your Professional Team

Have you shared important changes with your attorney, financial advisor, and tax professional so they can consider how those changes may affect the different pieces of your plan?

If you answered “no” or “I’m not sure” to any of the above questions, consider making it a priority to review your estate plan. Your estate-planning attorney can help determine whether your legal documents need to be updated, while your Tower Trust team can help review your accounts, beneficiary designations, and other financial considerations that may be affected by changes to your plan.