Thursday, January 3, 2013
1. Review your beneficiary designations: While the terms of your will control the distribution of your probate property, beneficiary designations control who inherits your non-probate assets. To review these designations, identify your non-probate assets and the beneficiaries you have designated to that asset. If you have married, divorced, or had children, you may want to change your beneficiary designations. If those current designations leave your assets to a minor or an individual with special needs, you should hold that asset in a trust for that person's benefit.
2. Plan for the disposition of your digital assets: If you do not plan for the disposition of digital assets, your loved ones may have trouble accessing financial accounts or lose family memories. You can start by making an inventory of your digital assets, and write down the passwords associated with each asset. Then put that inventory in a safe location and share that location with loved ones.
3. Contact your estate planning attorney to schedule a review of your estate plan: It is a good idea to review your estate plan every few years. This is particularly important if you have recently experienced a significant change in circumstances.
See Anna R. Valkovich, PLLC, 3 Estate Planning New Year's Resolutions, Dec. 31, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.