What Issues Should I Consider Before I Update My Estate Plan?
Updating your estate plan can feel like a daunting task. There’s a long list of things that have to be done: beneficiary updates, will updates, setting up trusts, and more. Luckily, your Estate Planning attorney will help you through this process. As things in your life have surely evolved since your last estate plan update, there’s likely a beneficiary or two that needs updating. Here are some common issues.
Your Beneficiary Has Passed Away
If any of your beneficiaries have passed away, now is the time to fix this. You can remove them as beneficiary or maybe you want their spouse to receive the inheritance. Perhaps some new family members have come along. If you have had more grandchildren, you probably want to add them into the mix as well.
You Have Assets Not Identified in the Estate Plan
Make sure everything is accounted for in your Estate Plan. If you leave assets out, they can go to probate and the courts will decide who will inherit it from your estate. You want to make sure all your assets are accounted for.
View Our Checklist
To see our checklist detailing issues to consider before updating your plan, click here.
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If you would like to schedule a call to talk about estate planning or other investment advice, please give us a call at 303-440-2906 or click here to schedule a time to speak with us.
Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.
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