Checklist: Wills and Estate Planning Update

If there has been a change in any one or more of the factors listed since the last review of your Estate Planning strategy, then it is time to get in touch with your estate planning advisor and update the plan.

1. The marital status of you or any of your family members
2. The birth or adoption of any children or grandchildren
3. A serious illness or disability of you or any other family member
4. Changes in the support provided for parents, children, in-laws, or others
5. New financial problems of any family members
6. Gifts to family members, other than those scheduled in your plan
7. Loans to family members, either given or forgiven, other than those in your plan.
8. The amount of life insurance provided or beneficiaries of the insurance
9. Any aspect of your business ownership, including valuations, sales, and new ventures
10. The overall value of your estate, other than what was anticipated in the last plan
11. Details of your will, including:
    • Executor
    • Guardian
    • Specific property bequested
    • Charitable gifts
    • Trust arrangements, including beneficiaries, trustees, and ownership of property
12. Moving, even within the same state, or spending more time at a second residence
13. Your choice of beneficiaries or goals for disposition of any of your property
14. Death of any benficiaries, including family and friends
15. Has the succession plan for your business changed?