We know that thinking about estate planning can be daunting and is not the most exciting conversation to have with your spouse; however, it’s extremely important. As we’ve been talking about discussing money with your spouse, estate planning conversations are a great one to throw in the mix. So, what are some triggers that should facilitate you and your partner updating your will or trust? Here are a few key factors to look out for when deciding whether or not to update your will or trust.
Changes in marital status, health status, tax code, and having children might be obvious reasons for revisiting your will, but keep in mind that you can update your will at any time, and not solely due to one of these triggers. You may want to change the beneficiaries of your trust, alter the designated guardian of your children and powers of attorney, or just make sure you are protected in accordance with the laws of your particular state. Even though these decisions are quite tough to make on the surface, working with an estate and trusts attorney will make this process much more seamless.
Another factor that is oftentimes overlooked is forgetting to update your will when your bank is bought by or sold to another firm. If you had chosen a bank to be your executor, and the bank was sold, you may have a new executor that you are not familiar or comfortable with. It is crucial to stay on top of who is in charge of your financial choices in the event you and your partner are unable to do so yourselves. Another trigger is a change in your family situation. As life goes on, circumstances change and someone who was once fit to make these decisions may no longer be the right choice. Remember, open communication is key and will help make these changes and updates operate smoothly.
If you need to get started on your estate planning or even just want to make sure you are on the right track, check out our estate planning checklist that will guide you in getting started. Digitizing your financial life and some of these tasks will help you stay on top of your estate planning and financial plan. We recently recorded a podcast episode with Head of Trusts and Estates Practice at BBS&G, Adam Moskowitz, as he shared the ins and outs of estate planning and how it is NOT just for the “wealthy”. If you have any further questions or would like to be connected with someone to help you and your family work through this process, email us at info@shermanwealth.com as we are happy to help and get you to the right place. If you would like to schedule a complimentary 30-minute intro call, you can do so here!
