Estate planning checklist aarp update#

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Taxes – How do the current laws on income and estate tax affect my plan? Does the plan still make sense in light of any changes to the tax law?.

Trust – do my beneficiaries receive my estate outright or in trust? Should this be changed?

Beneficiaries – who are the beneficiaries in my Will? Who are the beneficiaries named for my IRA, 401K, life insurance, etc.? Does it still make sense to name those individuals?.

Executors, Trustees, Guardians, Health Care Agent, Financial Agent (under Power of Attorney) – who have I named and does it still make sense for him/her to serve in that role?.

Beneficiary Designations (401K, IRA, life insurance, etc.).

Estate planning checklist aarp update#

Did you update your 401K, IRA or life insurance beneficiary designations more than 3-5 years ago?.

Did you sign a new Will more than 3-5 years ago?.When: Even if none of the events noted above have occurred, check when your plan was last updated.Have any of your beneficiaries, trustees or executors moved?.Have you moved to another state since you last revised your estate plan?.Where: Consider where people (including you) now live.Have there been any changes to federal or state law that may affect your estate plan? Or any changes in the law governing your Power of Attorney or Health Care Proxy?.Have your personal finances changed significantly?.What: Consider whether there have been any changes in your personal circumstances or the law.

Have you fallen out of touch with anyone named in your Will?.Has anyone named in your Will died or become disabled?.Have you or your children been married or divorced?.Who: Consider whether there have been any changes with the people in your life.How do I know when to update my estate plan? We recommend reviewing your estate plan regularly to determine whether it remains up to date – below is a checklist of some questions to revisit each year.