Is It Time To Update Your Estate Plan?

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.

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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.

The information offered is provided to you for informational purposes only. Robert W. Baird & Co. Incorporated is not a legal or tax services provider and you are strongly encouraged to seek the advice of the appropriate professional advisors before taking any action. The information reflected on this page are Baird expert opinions today and are subject to change. The information provided here has not taken into consideration the investment goals or needs of any specific investor and investors should not make any investment decisions based solely on this information. Past performance is not a guarantee of future results. All investments have some level of risk, and investors have different time horizons, goals and risk tolerances, so speak to your Baird Financial Advisor before taking action.