Is It Time To Update Your Estate Plan?
Life happens more quickly than you think, and that estate plan you drafted years ago may not reflect the wishes you have today.
Are There New Branches in Your Family Tree?
If you’re getting married, welcoming a little one or experiencing any type of familial change, you may want to reconsider how your assets are distributed and who your beneficiary, power of attorney and trustee designations are.
Have There Been Significant Changes in Your Assets?
If you purchased real estate, you’ll want to lay out your wishes for the property after you pass. Coming into new wealth and starting or inheriting a business are also reasons to revisit your estate plan.
Are There New Changes in Your Health?
If you’ve received a new health diagnosis, allow plenty of time to consider the potential impact on your current wealth management and legacy plans. And if your condition will require ongoing care, you may want to revisit your appointed Healthcare Power of Attorney as well.
Did You Move to a Different State?
The rules for trusts and living wills differ between states. As you use this opportunity to review your plan, your advisor can help you assess your new state’s laws and tax implications.
Has There Been a Shift in Your Goals or Wishes?
Perhaps your charitable inclinations changed as you entered retirement, or your relationship with a family member has changed, requiring a second look at your plan. Or, maybe over time you’ve redefined what you’d like your legacy to be.
Once you update your estate plan with your lawyer, share it with your Baird Financial Advisor to ensure it mirrors your assets and aligns with your wishes. You can also take this time to prepare your family for what will happen to your estate after you pass – setting expectations around inheritances and how protect your legacy.
Access More Legacy Resources
While challenging, discussions around inheriting wealth are important. Here are six strategies to foster open communication.
What to consider as you take on the care of an elderly parent – and how you can prepare your kids to do the same someday.
With updated regulations around inherited IRAs, IRA owners and beneficiaries have some decisions to make.
