Creating an Estate Plan That Stays Relevant Over Time

To help your estate plan remain relevant over time, it’s important to meet with your iWealth Advisor at least annually. Together, we work through strategies to help safeguard your estate plan, including:

Regular Reviews

Conduct a comprehensive review of your estate plan every 3-5 years. This periodic assessment helps keep your plan aligned with your current circumstances and wishes, even if no major life changes have occurred.

Annual Check-Ins

Schedule annual consultations with your Estate Planning Attorney and iWealth Financial Planner to discuss any changes that may have occurred over the past year. These regular check-ins can help identify necessary updates promptly.

Update After Life Events

Revise your estate plan following significant life changes such as marriage, divorce, birth or adoption of a child, or the death of a loved one. These events often require adjustments to beneficiaries, asset distribution, or guardianship designations.

Monitor Asset Changes

Review and update your estate plan when you acquire new assets, sell existing ones, or experience significant changes in your financial situation. This ensures all your assets are properly accounted for and distributed according to your wishes.

Stay Informed About Legal Changes

Keep abreast of changes in estate planning laws, tax regulations, and healthcare directives. These legal shifts may necessitate updates to your plan to maintain its effectiveness and compliance.

Review Beneficiary Designations

Regularly check and update beneficiary designations on retirement accounts, life insurance policies, and other assets. These designations often take precedence over your will, so it’s crucial to keep them current.

Reassess Guardianship and Power of Attorney

Periodically review your choices for guardianship of minor children and individuals designated as power of attorney for financial and healthcare decisions. Ensure these individuals are still willing and able to fulfill these roles.

Communicate with Family Members

Keep open lines of communication with your family about your estate plan. This can help prevent misunderstandings and conflicts in the future.

Maintain Accessibility

Ensure your estate plan documents are stored securely but remain accessible to your heirs or executors when needed. Inform trusted family members or your attorney about the location of these documents.

By implementing these strategies, you can maintain an up-to-date and effective estate plan that accurately reflects your current wishes and circumstances. If our iWealth Advisors can be on help, please reach out to your local office, call our Waseca office at 507-835-9111 or email us at info@iwealth4me.com.