Our End of Year Top 5 Items to Review
Beneficiary Designations
We see this mistake more often and with more disastrous results than any other. Beneficiary designations are used for retirement accounts, life insurance policies, and sometimes for other assets such as stock options or bank accounts. Beneficiary designations can often be out of date (i.e., from before a marriage or divorce) or oversimplified (i.e., naming a child who is a minor). This can give you a false sense of security because you assume it is “done.” Take a moment to check online or call to confirm your beneficiaries on each account. It is a good practice to print or request a confirmation page, and keep that page with your estate plan.
A beneficiary designation is as much a legal document as your will and your trust and it should be completed with the same level of expertise and care. If you would like to schedule a Beneficiary Designation Review Appointment, please reach out to our team.
Check your Insurance
You likely have all kinds of insurance: property insurance, auto insurance, life insurance, umbrella coverage and title insurance. These are significant safeguards if something happens, and it just takes a little time to make sure it is right.
Checking coverage, beneficiaries, and keeping copies of policies, endorsements and beneficiary designations are all recommended best practices.
Fund Your Trust and Update your Schedule of Assets
So, so, so many people create a great estate plan and then don't properly fund their trust. If the task feels confusing or overwhelming, we can help.
Failing to properly fund a trust can result in costs and delays, and can also result in probate of assets or distributions that are inconsistent with your intention.
An ounce of prevention is worth a pound of cure could not be more true when it comes to properly titling assets.
If you would like to schedule a Trust Funding Appointment, please reach out to our team.
Talk to Family
The most stress you may have in your life is not your death, it is the death of a loved one. Talking to family members to ensure they have an estate plan in place will give you immeasurable peace of mind.
During the holidays, there are often quiet moments that are perfect for raising this delicate issue.
For ideas on how to talk to loved ones about their estate plan, Download a copy of our October, 2022 Newsletter.
Check for Unclaimed Property
We saved the most fun for last! There's nothing quite like finding some extra money (especially during the holidays), and unclaimed money can be yours for the claiming.
Most people don’t realize that when a company has your money and can’t reach you, they eventually turn that money over to the state. This can be from old utility accounts, closed credit cards, and other sources.
We love searching for money for our friends, family and clients.
Search to see if you have any unclaimed property waiting for you.
