When is the last time that you reviewed your estate plan? Here at Dunncreek Advisors, we believe it is important to take a look at your plan at least every 3 years, or any time an important life event has occurred in regards to any individual named in the estate plan. Time and time again, we find that individuals that have an estate plan in place do not have much of a grasp around the finer details. What we try to instill in our clients is that the value of your estate can change over time and your relationships and priorities may also change or be altered. At Dunncreek Advisors, we can provide you with guidance throughout the review process of your estate plan.When is the last time that you reviewed your estate plan? Here at Dunncreek Advisors, we believe it is important to take a look at your plan at least every 3 years, or any time an important life event has occurred in regards to any individual named in the estate plan. Time and time again, we find that individuals that have an estate plan in place do not have much of a grasp around the finer details. What we try to instill in our clients is that the value of your estate can change over time and your relationships and priorities may also change or be altered. At Dunncreek Advisors, we can provide you with guidance throughout the review process of your estate plan.
Key Questions to Ask During Your Estate Plan Review
Every time you sit down to evaluate your estate plan, a few of the questions that you should ask include:
- How large is your estate? When you combine all of your assets including retirement accounts, properties, investments and any businesses that you own, do you have an idea of how much this is all worth? Keep in mind that the federal government has set the estate tax limit at $10.5 million, but the Minnesota state limit is just $1.2 million.
- Beneficiaries or probate? Some of the assets within your estate plan will pass down to the beneficiaries listed very easily. Other assets will require a public process, known as probate, which can take nearly half of a year and cause legal fees before the assets pass.
- Who is the executor? When deciding on the executor of your estate plan, choose someone you trust, is knowledgeable and has the time to properly manage your assets appropriately. If you don’t have an individual in mind, consider our professional team at Dunncreek Advisors, and let us put our expertise around estate planning to work for you!
- Do you need to appoint a guardian? If you have any minors or disabled individuals listed as your heirs, you will need to designate a guardian. This is one of the most important decisions that you will make when developing your estate plan because this individual will have the responsibility of raising the minor or taking care of the disabled individual. Some people choose to name two guardians, which allows one guardian to handle the financial aspects and the other guardian to care for the minor or disabled individual. If there is a special needs child involved, a special needs trust should be a top priority to help supplement any government benefits provided over time.
If you feel overwhelmed by the estate planning process, trust that you are not the only one. Many individuals do not know where to begin when it comes to planning for the time when you are no longer around. At Dunncreek Advisors, we can help take that stress off of your shoulders and provide you unbiased estate planning advice. Let us help you setup a review plan to regularly review the details of your estate plan.
If this article has gotten you to start thinking about your own circumstances, get in touch with my office at rdunn@dunncreekadvisors.com. I always like meeting with people who have started to figure out their retirement plans. Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.