Sheehan & Associates, P.L.C.

Things to do with your estate plan before New Year's Day 2020

New Year's Day 2020 is right around the corner, which means that it's time to update your estate plan. Regularly updating your estate plan should become a habit. While you should always make updates after important asset or family changes right away, an annual review can help you catch something you previously overlooked.

What could you be forgetting? Ask yourself these questions:

1. Do you have the right life insurance?

Depending on your age and your goals, you may not have enough life insurance to provide for your loved ones. You could also be carrying too much, which is an unnecessary expense. Consider the fact that life insurance is supposed to function as income replacement for your spouse or minor kids or ease the expenses right after your death if you're older and adjust accordingly.

2. Do you have the right beneficiaries?

While you've got your insurance policies out, check to see if you need to make a change in your designation of beneficiaries. If your children are now adults, for example, you may want to reapportion the amounts they receive.

While you're at it, check to make certain that the right names are on your retirement accounts and any other assets which have a designated beneficiary.

3. Consider setting up a trust.

If you don't have a trust, why not? Trusts are no longer just for the wealthy. People of modest means often use them to make sure that their assets pass to the next generation without going through probate and to protect their assets against creditors or misuse.

If you're ready to update your estate plans, learn more about how to take the next steps.

 

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Sheehan & Associates, P.L.C.
1460 Walton Blvd , Suite 102
Rochester Hills, MI 48309

Toll Free: 877-600-7891
Phone: 248-218-1473
Fax: 248-650-5368
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