Annual Financial + Estate Planning Checklist
BY KRISTIN HOVENCAMP
For a year, how many times have you forgotten to revise an important document? Often, you can remedy a mistake. With an estate plan, there is a point of no return. Harvard Law School professor and expert in trust and estates, Robert Sitkoff, offers this advice: “Bad things happen, and you have to plan for that. Hope for the best and plan for the worst.” As we kick off 2022, a checklist can prompt your memory and help keep financial, and estate documents, current.
Has your family had any major life events, and have you reviewed the beneficiaries? Events can include the birth of a child or grandchild, a change in marital status, or a family member’s passing. IRA beneficiaries trump a will, so it is essential to keep them current.
Is your last will and testament relevant? Reviewing your will is an excellent habit to form.
Do you have the appropriate powers of attorney in place? These crucial documents delegate authority to oversee your health, finances, and necessary legal signatures if you become incapacitated.
Have any changes been made to your retirement accounts? Did you make any significant financial transactions or execute a rollover from a former employer plan? Could potential changes to tax laws affect your estate?
Do you have adequate life insurance and long-term care insurance? Revisit your policies before their annual renewal date. You may want to increase or decrease coverage or discover an option that better suits you or your spouse.
Are your charitable giving vehicles accomplishing what you envisioned? Charitable goals can evolve, and your estate should reflect such adjustments.
To avoid unnecessary consequences, review your estate plan at least every five years and more frequently when significant life events occur. Connect with your CPA annually to explore new tax strategies to take advantage of each tax season.
HAZLETT WEALTH MANAGEMENT, LLC, is independent of Raymond James and is not a registered broker/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. 675 Sun Valley Road, Suite J1 + J2 Ketchum, Idaho 83340 208.726.0605. HazlettWealthManagement.com