Ensuring Your Family's Security with an Estate Plan

No matter what your net worth, you should have an estate plan in place. Such a plan ensures that your family is cared for and your assets maximized upon your death. An estate plan consists of your will, health care documents, powers of attorney, life insurance coverage, and post-mortem letters.

For those of you with an estate plan already, good for you! But we have additional advice: make it a priority to review the plan every two years to see whether it needs updating.

Here are the life events that necessitate an update to your plan:

• Divorce
• Marriage or remarriage
• Birth/adoption of child
• Death of spouse or child
• Sale of residence or purchase of new residence
• Retirement
• Enactment of new tax laws

Tip: We suggest that you consult with the professional who prepared your estate plan should any of these events occur.

Here are some of the action steps you may need to take when you update:

1. Change an executor
2. Revise a will to account for an increase in assets
3. Reassess your life insurance needs
4. Add or change a power of attorney
5. Change legal documents to comport with state laws if you move to a different state
6. Change wills or trust instruments to account for changes in beneficiaries
7. Change your post-mortem letter to reflect new assets, changes in executors, or other changes