Your estate plan should not be seen as a static document. You need to continuously monitor it to make sure it is up to date and accurately reflects your wishes. It is often suggested that you do so annually at a minimum.
For non-professionals, however, this can be challenging. Why? Because they do not know what all needs to be done.
Fortunately, the Wills, Trusts & Estates Prof Blog recently published an article titled the “Estate Planning To-Do List.”
While the list is meant for estate attorneys, it contains important advice for non-professionals as well, including:
- Make Exclusion Gifts Early – It is best to make any exclusion gifts early in the year for estate tax purposes just in case something happens to you during the year.
- Fund Trusts – If there is anything you earned in the last year that is not part of your trust, make sure that you put it in the trust now.=
- Review Beneficiary Designations – Make sure all of your documents have the right beneficiaries.
- Check Fiduciary Designations – Make sure all your fiduciaries are capable and willing to act in that capacity.