End of the Year Estate Planning Part 4

Are you considering updating your estate plan before the end of 2015? If so, great idea. Our lawyer in Raleigh NC knows how important it is to keep your estate plan updated each year. Unfortunately, there are many people who leave their plan sitting for years, without ever giving it an update.

Update Your Estate Plan! | Lawyer in Raleigh NC

One key point to take a look at before this year’s end has to do with beneficiaries. Many people that have estate plans never consider updating their beneficiary designations. It’s likely you own one or more of the following:

  • IRA
  • 403 (b)
  • 401 (k)
  • Other retirement accounts
  • Life insurance policies

Those that do should have selected a primary and secondary beneficiary for each policy. If you have, how long ago were they chosen? Do you still feel comfortable with your choices?

Those that have been married or divorced in the past couple of years and haven’t updated their estate plan to reflect that should consider doing so before 2016. You might want to change your beneficiaries as a result of these changes.

Any beneficiaries you’ve named in your estate plan could have passed away or have become incapacitated or ill since the last time you updated your plan. In this case, it’s time to review everything with an estate planning lawyer soon.

Klish and Eldreth PLLC | Lawyer in Raleigh NC

It’s important to understand that there are many different things that could take place within a year’s time. Divorce, newborn children or grandchildren, acquisition of a new business or the selling of one; all these are things that should be reflected in your estate plan. Don’t hesitate to contact our lawyer in Raleigh NC as soon as changes happen. We are happy to sit down with you and make updates, as needed. If you’re unsure of whether you need to meet with our lawyer, please feel free to contact Klish & Eldreth, PLLC with any questions you might have.

Also, feel free to contact us regarding other legal situations you might find yourself in. We offer legal help for small businesses, trademarking and copyrighting.

To learn more tips that should help you get your end of the year estate planning off to the right start, be sure to visit with other blogs in this series. Our lawyer in Raleigh NC will offer some great information there.

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