FAQ Friday: Spring Cleaning

On Friday, April 25th, Attorney, Candice Joy discusses doing an Estate Planning Spring Cleaning.

First are items you should check in with an attorney about such as whether you need to make changes to your agents or beneficiaries. Has someone passed away or moved far away and you prefer someone local.

You can make an appointment so an attorney can make those changes. If you now have grandchildren or children that didn’t exist before and you want them named that would be something else to address.

Has there been a change in the law? If you trust is from 10 or 20 years ago, it might need updating. Tax laws change and could require changes.

There are also items that could be done on your own that should be checked up on every 1-2 years. Do you know where your estate planning book is? Does your first agent no where it is?

In the back of your book, there is an envelope that you should include all statements for any accounts that you have.

Lastly, Funding and Beneficiary Designations are very important to keep up on. Any assets you want to pass through your trust need to be titled in your trust. If you open a new bank account since getting your Trust, you need to make sure thats in the name of your trust.

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