It’s that time of year when Santa’s making his list and checking it twice. But when was the last time you checked your estate plan?
If you’re like most families, it’s been a while. Maybe you set everything up years ago and haven’t looked at it since. Perhaps you’ve been meaning to get started but keep putting it off. Or maybe you’re wondering if what you have is even enough to protect your family anymore.
The uncomfortable truth? Most people have no idea if their plan is on the “naughty” or “nice” list. The good news is that you don’t have to figure it out alone.
What Lands Your Plan on the “Naughty” List
Certain estate planning oversights can put your family at serious risk, even if your intentions were good:
Outdated documents: Plans that haven’t been reviewed in 5+ years may not reflect current laws or your life changes. Estate planning laws evolve, and what worked a decade ago might not protect your family today.
Life changes you haven’t addressed: Did you get remarried? Welcome grandchildren? These major milestones require updates to ensure the right people are protected.
Unfunded trusts: Creating a trust is an excellent first step, but if you never transferred assets into it, it won’t accomplish what you intended.
Missing digital asset provisions: Modern powers of attorney need to address digital accounts and online assets that didn’t exist when older documents were drafted.
Conflicting beneficiary designations: When your will says one thing but your IRA beneficiary form says another, your family faces unnecessary complications.
No plan at all: This is perhaps the naughtiest oversight of all, leaving your family to navigate the courts and guess at your wishes during an already difficult time.
What Earns You a Spot on the “Nice” List
A well-maintained estate plan brings peace of mind to you and your loved ones:
- Documents that reflect your current family situation and wishes
- Asset protection strategies that safeguard your home from long-term care costs
- Clear instructions that prevent family conflict and confusion
- Powers of attorney that actually work when your family needs them
- A properly funded trust that allows your family to avoid probate
- Updated beneficiary designations that align with your overall plan
Time for a Holiday Check-Up?
The new year is the perfect time to ensure your estate plan is working for your family. Whether you need to update an existing plan or create one from scratch, having these protections in place provides invaluable peace of mind.
Don’t leave your family’s future to chance this holiday season. Our estate planning law firm in Brandon is here to help you understand whether your plan makes the “nice list” or needs updates to truly protect the people you love.
Contact our office at (813) 438-8503 to schedule a consultation. Let’s make sure your legacy is a long-lasting gift to the people you love and care about.