While many think that once documents are written they never have to do it again, as a Financial Advisor, I believe than an Annual Review should include:
- Does your will, trust, financial power of attorney, medical power of attorney or living will need any updating? Has it been done since the new privacy regulations took effect in 2003?
- Has the situation of an heir changed dramatically such that their share of the inheritance may not be needed or may be lost (e.g. IRS lien, etc.)?
- Have you explored long term care insurance and is it appropriate for your situation? Do you have a plan for future illness or incapacity? Now is a good time to review all your insurance. (Life, Health, Disability)
- Have you reviewed your estate for estate and income tax planning?
- Is your family aware of your wishes and where the important papers are kept?
- Does your doctor and hospital have copies of your health care directives?
- Have you written your wishes for memorial service, burial and/or cremation?
- Have you visited any mortuaries and made final arrangements so that others do not have to do this for you?
- Should you have an ante nupital agreement or a post nuptial agreement with your spouse?
- Are you gifting to charities/other heirs and should you be doing so?
If you accomplish the above you will make things easier for those you leave behind. What you do not accomplish must be done by someone. Remember, the State and the IRS are taxing agencies and, while they will assist with settling your estate, only what is accomplished before you die may save on taxes and settlement costs.
Raskob Kambourian Financial Advisors is an independent, fee-only comprehensive financial advisory firm registered with the Securities and Exchange Commission. We offer expertise, competitive pricing, and personalized financial services to meet your “Life Planning” needs.