What Issues Should I Consider Before I Update My Estate Plan?

This checklist provides a comprehensive guide to help you identify and consider important planning issues before updating your estate plan. It covers four main categories:

Beneficiary & Fiduciary Issues: This includes reviewing and updating the named beneficiaries on your various accounts, considering the roles and responsibilities of your chosen fiduciaries such as trustees and executors, and ensuring that your estate plan aligns with your overall financial goals.

Assets & Property Related Issues: This section highlights the importance of accurately identifying and valuing all of your assets, including those that may be held in trusts or jointly owned with others. It also covers considerations around gifting, insurance, and real estate planning.

Minors & Children Related Issues: For those with children or minors in their lives, this section covers issues related to guardianship, education planning, and establishing trusts to protect their inheritances.

Other Issues: The final section covers a range of other important considerations, such as tax planning, charitable giving, and end-of-life wishes.

By carefully reviewing and addressing each of these issues, you can help ensure that your estate plan is up-to-date, reflects your current wishes, and provides for your loved ones in the way that you intend.

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Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.