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It’s Spring Cleaning Time – Time to Review Your Estate Planning

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Estate Planning is the process of establishing a plan that covers what will happen to your assets and your family if you were unable to continue managing them. In some cases, it’s also necessary to prepare for how your family members can get their hands on these assets if something happens sooner than expected. Now that Spring is upon us and the end of the tax season is here, it’s time to start thinking about either starting your Estate Planning or reviewing the one you already have. An annual review is essential to keep your goals in check. 


Here are three important items to review: 


  1. Will, Testaments & Trusts – It’s imperative to check your last Will and Testament and Trusts as frequently as possible. We recommend at least one time annually. For example, Estate Tax Exemption Amounts often change each year. To plan properly and avoid any major tax implications on estates, this is an important item to keep a close eye on. 
  2. Location of these Official Documents – Where are you currently keeping your estate planning documents? It is important to share this location with the people who will be coordinating them in your absence. A great recommendation is to keep this in a secure place, while also making it accessible for authorized individuals to access, such as your trustees, executor, power of attorney, etc.
  3. Power of Attorney – Talking about authorized individuals, don’t forget to review those named under your medical and financial powers of attorney to make sure they are still the agents you want to act on your behalf. 

Looking for an Estate Planning lawyer here in Dallas, TX? Book an appointment with us today. 

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