Spring typically means warmer weather, longer days, green lawns, and blooming flowers. Although we are in an unfamiliar time with COVID-19 and related restrictions, it is a great time to tackle some spring cleaning before the official start of summer. Your estate plan, like your home, occasionally needs spring cleaning as seasons, or life circumstances, change.
Here are some estate planning corners to dust off and review with your estate planning attorney to ensure your goals and needs are safeguarded and up to date:
- How long has it been since your estate planning documents were created? It’s a good rule of thumb to review your estate documents at least every five years, or sooner upon any life changing events.
- Are the individuals chosen to fulfill roles such as personal representative/executor, trustee, guardian, power of attorney and/or agent up to date? BankWest Investment Management & Trust, a corporate fiduciary, is happy to serve in the role of personal representative/executor, trustee, power of attorney and/or agent.
- Has a family member or loved one named in your estate plans passed away?
- Have your assets significantly changed?
- Have your wishes for the distribution of your estate changed?
- Do your beneficiary designations align with your estate plan?
- Are you considering making any significant financial gifts/donations to a charity?
- How will recent changes in the law (SECURE Act) regarding retirement accounts affect your beneficiaries?
Don’t sweep your estate plans under the rug or it could result in clutter and confusion for your family and loved ones later.
Contact one of BankWest’s investment management and trust pros help you tidy up your plans.
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