Estate planning is not something you focus on once a year. Instead, it's important to keep a close eye on your plan at all times, as you never know when you need to make a change.
Here are several year-end estate planning tips that can keep you on track:
- Review your beneficiaries: This is a big part of any estate plan, so make sure everything is in order as the year winds down. You may find that making a change to your beneficiary designations is a must, such as if someone has passed on.
- Review your incapacity plan: There is more to estate planning than what happens when you pass on. Your incapacity plan ensures that you receive the proper care in the event that you're unable to make your own medical decisions.
- Look into other options: For example, if you have a will, you may want to consider the benefits of a trust. You don't have to take action, but learning more about other options will ensure your estate plan is the most effective it can be.
- Consider the impact of significant life changes: Did you divorce? Did you get married? Did you have a child? These types of life changes, among others, will impact your estate plan.
The end of the year is one of the best times to review your estate plan with an eye toward making changes for the better.
If you find anything that deserves your attention, don't put it off. The sooner you take action, the sooner you'll feel better about your current situation and the future well-being of your loved ones.