Just like your health, your estate plan needs an annual checkup. You and your financial advisor should revisit your estate plan each year. Some vital signs to pay attention to are:
Does Your Will Still Work?
Make sure your will is up to date. Do the decisions you made regarding who will get your money and property still apply? Don’t forget to look at who you chose to act as guardian of your minor children, who you chose to be the executor or personal representative of your estate, and the trustee of any trusts you created. Make sure these choices are still the right ones.
Assess Your Financial Situation
If the values of your personal and business assets have changed significantly, you may need to adjust your estate plan accordingly. For example, if you now have assets worth much more in total than when your estate plan was created, estate tax may be an issue to address. Or you may want to adjust how the executor will distribute your assets to beneficiaries. Even if you already considered taxes in your planning, make sure your plan is still tax effective. It’s important to consider both income and estate taxes in the analysis.
Evaluate Your Insurance Needs
Make sure your life insurance policy still fulfills its intended purpose and reflects your current goals. Keep in mind that a change in your family could very well affect your insurance needs. And don’t forget about disability insurance. Make sure your income and your family will be protected in the event either you or your spouse becomes disabled and unable to work for an extended period.
Leave a Letter
Write down the information your family will need to know when you die, including the location of your will; a list of your accounts and insurance policies; the names, addresses, and phone numbers of your advisors; and your funeral and burial instructions.
Contact an Advisor
As always, the professionals at Fifth Third Bank can help you make sure your plan is up to date.
Fifth Third Bank does not provide tax or legal advice. Please consult your tax adviser or attorney before making any decisions or taking any action based on this information. This information is provided for educational purposes only and does not constitute the rendering of tax or legal advice.
Fifth Third Bancorp provides access to investments and investment services through various subsidiaries, including Fifth Third Securities. Fifth Third Securities is the trade name used by Fifth Third Securities, Inc., member FINRA/SIPC, a registered broker-dealer and a registered investment advisor registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training. Securities and investments offered through Fifth Third Securities, Inc. and insurance products:
Are Not FDIC Insured | Offer No Bank Guarantee | May Lose Value
Are Not Insured By Any Federal Government Agency | Are Not A Deposit
Insurance products made available through Fifth Third Insurance Agency, Inc.
© 2018 Fifth Third Bank