Davis & McCann
  • Home
  • Practice Areas
  • About
  • Attorney Profiles
  • Blog & News
  • Contact Us - Directions

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

11/26/2020

 
Picture
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.


Comments are closed.
    Picture

    NEWS YOU CAN USE

    Davis & McCann, P. A.,
    ​A Premier Estate Planning law firm in Western Kansas

    Archives

    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    May 2017
    August 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    September 2014

    Categories

    All
    10 Year Anniversary
    Attorney
    Business
    Conservatorship
    Dodge City
    Elder Law
    Estate Administration
    Estate Planning
    Executor
    Firm News
    Guardianship
    Kansas
    Kristina Crawford
    Long Term Care Planning
    Long-term Care Planning
    Medicaid Planning
    Megan-l-mccann
    National-academy
    Probate
    Real Estate
    WealthCounsel

    RSS Feed

107 Layton Street, Suite A
Dodge City, KS 67801
620-225-1674

Davis & McCann,P. A. is a premier Estate Planning law firm in Dodge City, Kansas, assisting Western Kansas clients with Estate Planning, Probate, Trust Administration, Business Formation, Business Succession Planning, Farm and Agricultural Business Succession Planning, Real Estate, Elder Law (Medicaid and Long Term Care Planning).  The information found on this website is for informational purposes only and is not a legal opinion, does not provide legal advice for any purpose, and neither creates nor constitutes of an attorney-client relationship.
© 
  • Home
  • Practice Areas
  • About
  • Attorney Profiles
  • Blog & News
  • Contact Us - Directions