Wealth Planning Insights
Remember Me? It’s Your Estate Plan, Calling.
Peter Faust, CFP®, October 2024
For many people, the act of creating and implementing an estate plan is sometimes not easy and straightforward. For a lucky few, it is. Regardless of which camp you are in, getting it done is a big accomplishment to acknowledge—just remember to not let it grow stale. So, consider it a sign to review your estate plan if any of the following resonates with you:
It’s been awhile since you talked to the people (e.g., executor, trustee, agent) that you assigned important roles to in your estate plan. Have they moved far away? Has anyone passed away? Do they still want to serve? Are they capable of serving? Do they have a copy of your estate planning documents?
Your estate planning attorney has retired or is deceased. Do they have a successor? Have you talked to them? Do you know what happened to your client files? Do you have your signed original estate planning documents?
Your formerly minor children are now adults living their own lives. Are they financially responsible? Are you thinking about disinheriting or favoring a beneficiary? Are any of them on government assistance? Are you wondering if using a professional (corporate) trustee is right for your situation?
Charitable giving is of higher importance to you today. Are you unsure how much you can give without adversely impacting how much you want to go to your beneficiaries? Do you find yourself asking if it is better to give money while you are alive vs. after your death? What is the right giving strategy for you?
Your wealth has grown larger and more complex. Are you worried your existing estate plan is not appropriately structured to fulfill your wishes? Are you now concerned about gift, estate, and generation-skipping taxes?
Context can be helpful to others (e.g., beneficiary, executor, and trustees) to know why you structured your estate plan the way you did. In order to share your values and how you want them to think about your assets after your death, have you considered writing letters to the trustee (who will control and distribute the assets) and to your beneficiaries (who will receive them)? Although these types of letters carry no legal weight, they can provide a powerful message to their recipients.
If you find yourself wanting to review your estate plan, be sure to reach out to your Wealth Advisor to get together and discuss what, if any, changes or additions may be appropriate for your situation.