Your Annual Check-up: Keeping your estate plan healthy
As we step into 2025 and begin to create our New Year's resolutions, it’s a good time to ensure your estate plan is aligned with your current life and future goals. Life moves fast—family changes, financial shifts, and evolving laws can all impact your plan. A little time spent reviewing now can save a lot of time later.
🩺 So, let's do our check-up. Your goal? Score a perfect 10/10. Give yourself 1 point for each completed task and 0 points for anything left undone or outstanding. Ready to play?
⬜ Review Your Will and/or Trust – Do they still reflect your wishes? Have there been births, deaths, marriages, or other major life changes that materially alter your plan?
⬜ Check Your Beneficiaries – Confirm who’s listed on your retirement accounts, life insurance policies, and other assets. Are these up to date and current?
⬜ Update Powers of Attorney – Ensure your financial and healthcare POAs still align with your trusted decision-makers. Your Power of Attorney will be authorized to make decisions on your behalf. If you haven’t named anyone, who in your life should make that decision?
⬜ Review Your Business Plans – If you own a business, are your succession plans clear? Have you protected your business from potential legal or tax issues?
⬜ Ensure Proper Digital Access – More than ever, digital assets are part of estate planning. Do your loved ones know how to access key accounts, passwords, and important documents? Download our "Start Here" document HERE.
⬜ Organize Important Documents – Are your essential documents (deeds, insurance policies, legal agreements) stored in a safe and accessible place?
⬜ Communicate Your Plan – Have you shared your estate plan with your family or key decision-makers so they know what to expect? It is a good idea to share the plan with someone outside your home.
⬜ Personal Property – If there are specific items of personal property you want to pass through your estate, have you clearly identified these items?
⬜ Real Estate – If you own real estate, are the properties titled in the proper names? Is it in the name of the trust, beneficiary deed, or someone's personal name?
⬜ Regular Reviews – Have you had a professional look over your estate plan in the last 3-5 years?
🎯 Your Score
10/10, 0/10, or somewhere in between? If you scored 6 or below, it may be time to update your estate plan. Estate planning is a dynamic process, and regular check-ups are crucial to ensuring that your plan reflects your current intentions and circumstances.
Where to go from here
If you need help getting started with estate planning, we’re here to guide you. Contact us today or visit our website for more information.
HootOwl Legal is an estate planning firm that provides a holistic and approachable legal experience. We help empower families and individuals with the knowledge of the entire process; what is an estate plan, why you need one and how they can evolve over time.
Macaroni Kid Fayetteville is a free resource for Northwest Arkansas families. We appreciate sponsors like HootOwl Legal who enable us to provide this resource.
