Is it time to update your estate plan? This checklist provides examples of life events that could lead you to review or change your estate planning documents and/or beneficiary designations. The fact that you have experienced one of these changes does not always require an amendment or change. But at a minimum, it is a good idea to have a brief conversation with your financial professional and attorney to keep them apprised of your situation. Your attorney can help you determine whether any updates are appropriate.
If so, consider reviewing your documents with your attorney for potential updates.
|January 2, 2013|
|Enactment of the American Taxpayer Relief Act of 2012 (ATRA)||
|December 17, 2010|
|Enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010||
|January 1, 2005|
|Effective date for state tax credit changes resulting from the Economic Growth and Tax Relief Act of 2001||
|April 14, 2003|
|Compliance date for privacy rule under the Health Insurance Portability and Accountability Act (HIPAA)||
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Estate planning documents and beneficiary designations should be updated regularly; however, it’s human nature to put this off. It’s easier to assume that “nothing will happen, so I can do this later.” But if death or disability does occur and you haven’t made the necessary changes to account for a recent marriage, divorce or other event, serious negative effects could follow.
A review of this checklist and a short discussion with your financial professional and an experienced estate planning attorney can help give you confidence that your estate plan is up-to-date and reflects your current needs and goals.