Estate Planning Year-End Review - Are You Ready For 2021?

The end of any year is a busy time with holidays, family obligations and this year specifically, the pandemic concerns. However, it also is a good the time to take stock in your personal life and finances and plan for any adjustments you need to make for 2021. The earlier you can do this, the better prepared you will be for the future.

Here are some activities we encourage you to do before the end of this year:
​

• If you already have an estate plan in place, review the beneficiaries you named in your Trust or Will. Have there been any marriages, divorces, or births in the past year that require a change to your estate planning documents?
• Review the beneficiaries named on your insurance policies, retirement accounts such as your 401(k) and IRA, bank accounts, and other financial assets to assess whether changes need to be made.
• ​If you’ve purchased or inherited a new property, car, mineral rights, etc. in 2020, your estate plan should include those items, according to the type of planning you have chosen. With trust based planning or beneficiary planning, if these assets are not properly titled, you could unintentionally  create the need for a probate action upon your death. Similarly, if you have sold an asset this year, be sure your estate plan reflects this change.
• Review your Powers of Attorney, Will or Trust and confirm that the individuals you designated to be “in charge” are still able and willing to act as your agent/Executor/Trustee. Perhaps you no longer have the same relationship with the named individuals, or perhaps one of them has moved away.
• Inform at least one trusted family member as to the location of your original estate planning documents. Although it is not required, you may wish to schedule a family meeting to walk through the contents of your estate plan. This allows you the opportunity to explain your wishes and gives your family a chance to ask questions. You also can ask your attorney to explain your estate plan to your family. A family meeting with your estate planning attorney can help your children understand how your estate will be handled upon your death and may provide some measure of neutrality for families with more volatile personalities.

​For more information on end-of-year planning as it relates to your estate plan, contact Davis & McCann, P. A., Dodge City, KS. We are members of Wealth Counsel, a national consortium of Estate Planning Attorneys and Elder Law. We focus our practice on providing clients with the best legal advice on estate planning, Medicaid and Long-term Care Planning, Family Business/Small Business Succession Planning, Probate, Trust Administration, Real Estate Transactions, 1031 Exchanges, and related matters.

---