Saturday, November 3, 2012

It's Time To Review Your Estate Plan.

Nest EggHow long has it been since you have looked at your estate plan?  We as humans have the tendency to do a big important project and then put it on the shelf and forget about it.  In Utah I have seen and am guilty of doing this with things like 72 hour kits and food storage; one we feel we are prepared for some future event and have mentally checked that off our list of things to do we can in a sense, "set it and forget it."

Well you should not do that with your estate plan.  Our lives are constantly changing and therefore our plans should evolve too.  After doing some research on the Internet on this topic, I have found 5 good reasons to review your estate plan.

Relationships

Unfortunately things like divorce, death, family and other issues occur in our lives.  You need to review your estate plan to make sure the the beneficiaries are correct and that your relationship with them have not changed.  If one of your children have been divorced you may not want to leave something to the ex-spouse.  This also is true for any beneficiaries outside of your family.

Children

You may have had young children when you first prepared your estate plan; but kids have the tendency to grow up.  Do they still need the protections you originally put in place for them, or do these things need to be updated?  You may also want to add your grand kids which may not have been in the picture before.

Health

What kind of health care directives do you have in place in your estate plan?  Do you have protections in place in case you or your spouse are incapacitated?  One thing for sure as we age, our health seems to age too and this needs to be taken into account when reviewing your estate.

Property

As we go through our lives we tend to accumulate more and more things.  Not only do we buy more stuff we also sell our stuff too.  The car and house you originally had when you set up your estate may be different.  What plans do you have for your property?

Your Legacy

Many seniors I talk to are concerned about leaving a legacy for their family.  Whether it be money, items, or just memories, this is important to most of my customers.  Your estate plan should be reviewed to make sure you are leaving the legacy you want too.  Also something that should be considered is giving while you are still living.  This is becoming more popular (and wise in some circumstances for tax reasons) among baby boomer and seniors because they want to see the beneficiaries life's changed as a result of their giving.  This can truly be a "Living Legacy"

A reverse mortgage can be a great way to help you accomplish your living legacy.  You can still live in your home while you start giving your assets to your heirs.  This is just one of the many benefits of the reverse mortgage program.

Now, if you don't have an estate plan it's not too late.  I have over the years, formed a network of trustworthy and upstanding financial and estate planners who have taken good care of my customers when needed.  If you would like to get in touch with someone in my Utah network, let me know and I'll be happy to assist you.  Email Me or call me at 800-431-9250.

2 comments:

  1. My dad is getting to a point where he really needed to focus on his will and estate plans. He lives in Provo so he searched for Provo estate planning. He found a great attorney to help him set up his plan and get things moving forward. I highly recommend starting an estate plan as soon as you possibly can. It's just a worry that you can get out of the way.

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  2. You must review estate planning documents every 2 to 3 years.Talk to your estate planning adviser to learn the ways that you can get profited by estate planning.

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