3 Estate Plan Changes to Make Now
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by: RobinsonLawNY
Word Count: 4912
Date: Sun, 15 Jan 2012 Time: 6:16 AM
An estate plan, once created, is not set in stone. You can, and should, make changes to your plan as time goes on. If you haven't made changes recently, there are several areas you should look at and update as necessary.
Change 1: Update your guardian. Ensuring your children have a good guardian to look after them should you and your spouse die unexpectedly is a key provision of your will. However, if you made your will when your children were much younger and haven't updated it recently, you should review it as soon as possible. Your past selection for guardian may not still be the best choice, or the person may no longer be willing or able to care for your child.
Change 2: Updating your 401(K) beneficiary. If you have a 401(k) from an old job or haven't changed your beneficiary in a few years, you should review your plan to see who is currently listed. It's common, for example, to list an ex-spouse or your parents instead of your adult children. It can be easy to miss this as beneficiary information may not show up on your regular statements and people don't typically look at their original paperwork.
Change 3: Update your medical directives. The laws surrounding medical directives, powers of attorney and other advance directives can change. Even if the laws haven't changed, your wishes may have altered since you first created your medical directive. Whether you have a living will, power of attorney, medical proxy or any other directive, you should take some time and review these documents.
About the Author
Experienced estate planning attorneys Naples NY of the Law Office of Michael Robinson P.C. offers estate planning and business planning resources to residents of Naples NY. To learn more about these free resources, please visit www.mrobinsonlaw.com today.
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