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IT’S TIME TO REVIEW YOUR WILLS, TRUSTS & OTHER ESTATE PLANNING DOCUMENTS

It is advisable for individuals to review wills, trusts and other estate planning documents periodically. The end or beginning of each year is a good time for this.

When reviewing estate plans, individuals should consider these questions:

  1. Do the provisions still accomplish your goals?
  2. Have your documents been updated to take advantage of changes to tax laws?
  3. Do your documents contain provisions that provide asset protection to your children, grandchildren and other loved ones?
  4. Are the fiduciaries named (Personal Representative/Executor, Trustee, Power of Attorney/Agent-in-Fact, Health Care Agent) still appropriate?
  5. Are your Durable Power of Attorney and Living Will on file with family members and health care providers?
  6. Have estate planning concepts, funeral arrangements and decisions on anatomical gifts been discussed with family?
  7. Are your life insurance policy and retirement plan beneficiary designations still appropriate and in line with your overall estate plan?
  8. Are bank accounts and other assets titled in line with your overall estate plan?
  9. For business owners, are buy-sell agreements and the related valuations and life insurance policies up to date?

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