- Pay-on-death beneficiaries sometimes fail. Due to a change in computer software or a merger, it is possible for a financial institution to lose your pay-on-death beneficiary designations. As such, it is good practice to confirm designations with your financial institution at least once per year.
- There may be out-of-date contact information for the individuals named on your advance directives. Further, those individuals, due to a change of circumstance in their own life, may no longer be able to act on your behalf. In such a case, it is important to choose new fiduciaries with the ability to serve.
- Your intent may have changed. For example, as your children get older, they may become more viable candidates to act as fiduciaries during your lifetime or upon your passing.
- You are forced to locate your documents. It is important that you know where your original estate planning documents are held, as well as any copies that have been produced. In an emergency situation, being unable to locate your advance directives could cause a delay in making important health care decisions. Additionally, upon your passing, the inability to locate your estate planning documents could cause a delay in probating your estate.
A change in life situation, such as a change in wealth, relocation, divorce, birth or death, could drastically alter your estate planning. It is important to review your estate planning documents to ensure that they still reflect your wishes in light of any life changes. As your life evolves, so should your estate plan.
For additional information, please contact BaskinFleece at 727.572.4545.