Tips for Estate Planners in 2017

In 2017, estate planners should look to take their own advice, just as they easily give necessary advice to their clients. First and foremost, it is essential that estate planners write a letter to their children detailing critical information needed for emergencies. Similarly, one should also give access to any passwords for their digital assets. Also, save your children and family the trouble of guessing your body disposition by making arrangements beforehand, such as buying a burial plot or arranging plans for cremation. Additionally, review life insurance terms and create any necessary trusts that will benefit loved ones. One can also provide for their grandchildren by setting up 529 plans that will provide for their education. Setting up an asset inventory will also make it easier for family members to be organized and informed. Further, one should continue to update charitable bequests as they see fit and revise any beneficiary designations to reflect their wishes. Lastly, estate planners should look to set up family meetings to provide those important to them with the information and security they will need to carry out their estates.     

See Martin M. Shenkman, An Estate Planner’s 11 Tips for the New Year, Wealth Management, January 18, 2017.