By Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho.
As the leaves change color and the air turns crisp, fall reminds us that change is a natural part of life. Just as we prepare our homes for the coming winter, it’s also an ideal time to review and update our estate plans. Like raking leaves, this annual task helps maintain the health and effectiveness of your financial legacy.
Why Update Your Estate Plan?
Life changes quickly, and your estate plan should reflect your current circumstances. Major life events such as marriages, divorces, births, deaths, buying a new home, or other significant changes in assets can all impact your estate plan. Regular reviews ensure your wishes are accurately represented and legally enforceable.
Key Areas to Review
- Beneficiaries: Ensure all beneficiary designations on life insurance policies, retirement accounts, and other assets are up to date and match your overall estate plan.
- Personal Representatives under a Last Will, Financial Power of Attorney and Trustees: Evaluate whether your chosen financial agents are still willing and able to serve in these roles.
- Healthcare Directives: Review your living will and healthcare power of attorney to ensure they still reflect your wishes.
- Digital Assets: In our increasingly digital world, don’t forget to include provisions for your online accounts and digital property.
- Tax Laws: Stay informed about changes in tax laws that might affect your plan.
Steps to Take This Fall
- Schedule a Review: Set aside time to review your estate planning documents.
- Consult Professionals: Meet with your estate planning attorney and financial advisor to discuss any necessary updates.
- Communicate: Inform your financial and health agents about any changes to your plan.
- Secure Documents: Ensure all updated documents are stored safely and accessibly.
Remember, estate planning isn’t a one-time event but an ongoing process. By making it a fall tradition to review your estate plan, you can ensure your legacy is as enduring as the changing seasons. Just as we prepare for winter, a well-maintained estate plan prepares your loved ones for the future, whatever it may bring.
Take action this fall to protect what matters most. Contact Senior Edge Legal at 208-344-0375 or visit SeniorEdgeLegal.com to book your consultation to provide you Peace of Mind. Your future self—and your loved ones—will thank you for your foresight and care.
***************************************
NEW ESTATE PLANNING WORKSHOP!! Join Susan Graham for an informative and interactive session on estate planning. November 13, 2024 at 10:00 a.m. or 2:00 p.m. Location: Hampton Inn & Suites Boise Spectrum, 7499 W. Overland Road, Boise. To reserve your spot, call 208-344-0375, or Contact Us on our website. (Please indicate whether you want the 10:00 or the 2:00 session.)
*******************************
Do you have a written estate plan that protects your future and your loved ones? Call to schedule a meeting with Susan Graham to give you peace of mind that your affairs are in order (phone 208-344-0375 or Contact Us on our website).
*******************************
Undoubtedly you have thought of someone who could use our services. If so, please have them call us at 208-344-0375. Introductions and referrals are the lifeblood of our practice. Thank you.
