Client Estate Plan Review Checklist (Part 2)

In the last post, I shared about specific things to keep in mind while reviewing your estate plan. Here are 10 more:

11. Charitable Contributions

If you have chosen any charitable organizations for planned donations, make sure these organizations still align with your intentions, goals, and values.

12. Estate Tax Considerations

See if any changes in tax laws that have taken place since you last updated your plan might affect your estate, and determine if changes need to be made to your estate plan.

13. Real Estate and Property Ownership

Review property ownership details and make sure the plan to transfer or bequeath real estate still fits with your intentions.

14. Long-Term Care Planning

If you have made provisions for your long-term care, consider what changes have taken place in your health and circumstances and take time to evaluate if your choices for long-term care are still relevant, effective, and in alignment with what you want.

15. Family Dynamics

Reflect on shifts in family dynamics or relationships that have taken place since you last reviewed your estate plan and decide if you want to adjust any part of your plan as a result of these changes.

16. Estate Planning Goals

When it comes to your overall goals, objectives, and vision, ask yourself if your estate plan still supports these things or, if not, what specific adjustments need to be made in order to make that happen

17. Legal and Financial Professionals

Make sure that the professionals who have helped create your estate plan are still available and are still best suited to your needs.

18. Witnesses and Signatures

Check to see if all necessary signatures and witnesses are in place on your documents.

19. Review Schedule

Decide how often you want to review your estate plan going forward and establish a routine for doing so. You will want to take time to review your plan at least every few years, and you will want to keep in mind how changes in your life circumstances or legal changes affect your estate plan.

20. Communicate Changes

Following any changes to your estate plan, make sure to inform relevant parties (such as family members, beneficiaries and appointed representatives) of these changes.

Reviewing your estate plan on a regular basis will ensure that your plan remains in sync with your life as it evolves and as changes continue to shape your life over time. You deserve to have a legacy that aligns with your wishes and values.

For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Northbrook, Illinois office.