2024 Update Checklist
Kicking off 2024 with a solid checklist to ensure your assets are set to go to your trust is a great proactive step. Here's a checklist to help you get started:
Review and Update Your Trust
Ensure your trust is up-to-date with your current wishes and circumstances. If there have been significant life changes, such as marriages, births, or acquisitions, update your trust accordingly.
Life Insurance Policies
Confirm that your life insurance policies name your trust as a beneficiary. This ensures that the proceeds from the policies will be managed according to your trust instructions.
Bank Accounts
Update your bank accounts to reflect the trust as the account holder. Work with your financial institution to ensure that the trust is properly designated.
Real Estate
If you own real estate, ensure that the properties are titled in the name of the trust. This helps in the seamless transfer of ownership according to your trust provisions.
Investment Accounts
Review and update the beneficiary designations on your investment accounts to designate your trust. This includes retirement accounts like IRAs and 401(k)s.
Personal Property
If there are specific items of personal property you want to pass through your trust, clearly identify these in your trust documents. This can include valuable assets, family heirlooms, or sentimental items.
Business Interests
If you own a business, consider how your ownership interest will be managed within the trust. Discuss this with your attorney and business partners if applicable.
Digital Assets
Include provisions in your trust for the management of digital assets, such as online accounts, websites, and intellectual property.
Review Beneficiary Designations
Double-check and update beneficiary designations on accounts that do not go through your trust, such as life insurance policies or certain retirement accounts, to ensure they align with your wishes.
Communicate with Professionals
Discuss your estate planning goals and any changes with your attorney, financial advisor, and other relevant professionals. They can provide guidance on how to structure your assets to align with your trust.
Emergency Contact Information
Keep a document with emergency contact information and the location of important documents. Make sure your loved ones know how to access this information in case of an emergency.
Regular Reviews
Schedule regular reviews of your trust and overall estate plan, especially if there are significant life changes or changes in laws that may impact your planning.
Remember, estate planning is a dynamic process, and regular reviews and updates are crucial to ensure that your plan reflects your current intentions and circumstances. If you're unsure about any aspect of your estate plan, consult with a qualified estate planning attorney.