Ah spring. With the first set of income tax filings behind us, it is time to think about spring cleaning and summer plans, and estate planning is no different.
Take this opportunity to review and assess your personal finances and ask a few questions:
1. Are your investments titled properly to protect you and your family?
2. Do you know where your original estate plan documents are located?
3. Are your estate plan documents and beneficiary designations consistent with your desires if you are disabled or deceased?
4. Do you have any unnecessary accounts or entities that should be closed or terminated?
5. Have you entered into any new ventures that should be documented or separately incorporated?
In addition organizing your affairs and cleaning up your records, answering these questions has the effect of protecting you and your family from identity theft, making it easier for your successor fiduciaries to manage your estate upon a death or disability and reducing the amount of paperwork you will have to turn over to your accountant in future tax years. Of course, if you need assistance with analyzing your alternatives or reviewing your documents, please let us know.