As a parent or grandparent, you may (or may not) be worried about your current estate plan. Perhaps you’ve recently experienced a major life event (i.e. marriage, divorce, childbirth, or death of a loved one), and you’re wondering if it’s time to review your list of assets and beneficiaries to ensure your entire family is protected should the unexpected happen.
As the holiday season approaches, and we gather together with loved ones, now is the time to be thinking about whether or not your estate plan is missing key elements that, if left unamended, could cost your family time, legal fees, and unwanted stress in your absence.
Here are the top three reasons to review your estate plan in the new year:
- Your Estate Plan Does Not Include a Residuary Clause: An essential yet often overlooked piece of any will is the inclusion of a residuary clause. If you forget to name certain property in your will (or you are unaware of ownership), a residuary clause ensures that any unspecified property will be handed to the named individual you have chosen.
- Your Estate Plan Includes Deceased Beneficiaries: As you get older, you may find that someone who was listed as a beneficiary in your estate plan is now deceased. If this happens, it’s important that you update this information in an adequate timeframe. Failing to do so means any assets assigned to this beneficiary will be brought to court and distributed by a judge.
- Your Estate Plan Does Not Name a Legal Guardian of a Minor: If you’ve recently had a child, or you’re planning to have children, you’ll want to name a legal guardian to care for your child(ren) in your absence. If your estate plan does not include this essential designation, your child’s future will be placed in a judge’s hands, which means your child may end up being raised by a relative that does not share your same principles or values.
Aside from the list above, there are other vital components that you want to include and appropriately update in your estate plan, including, among others:
- Your Last Will and Testament
- Power of Attorney
- Medical Assistance Expenses
The best way to ensure your estate plan aligns with your final wishes and is designed to protect your family is to consult an experienced estate planning attorney. At KTF Law Firm, our trusted Minnesota attorneys will help you review and develop a secure estate plan, so you can rest assured that the most important people in your life are protected now and in the future. Contact us today to schedule a free consultation!