Once the last tax form is signed and filed, most people are ready to put finances on the back burner. But this is one of the best times to check in on your estate plan. You’ve already reviewed your income, assets, and accounts. Let’s take it further and ensure everything aligns with your current wishes.
A lot can change in a year. Your income may have gone up. You bought a house, opened new accounts, or added a new member to the family. Even if you’re not making significant changes, you still want to make sure your estate plan reflects what your life looks like now. An out-of-date plan can leave people out, cause confusion, or even undo what you’ve worked hard to implement.
Financial Changes Can Shift Your Plan
When your income increases, it’s not just about taxes. It can affect how you want your money handled after you’re gone. You might want to give differently, support family in new ways, or adjust what each person receives. You don’t need a complex setup for that. Even small changes—like updating a simple will or changing who gets what—can go a long way.
Also, double-check things like retirement accounts and life insurance. These usually have a beneficiary listed. Those are “payable on death” accounts, meaning they go straight to the person named, no matter what your will says. If you haven’t updated those names in a few years, now’s the time.
Life Doesn’t Stay the Same—Your Plan Shouldn’t Either
You may have bought a new car, opened investment accounts, or inherited assets from a recently deceased relative. Any new assets should be reviewed to see if they’re included in your plan. If they’re not, it can lead to delays and confusion later. The goal is simple: ensure everything you own ends up where you want it to go.
Your personal life may have changed, too. Maybe you had a child, or your kids are now adults. Perhaps someone in your family now has special needs. These shifts matter. They can change who you choose to be in charge, who receives what, or how that money is handled. Your plan should fit your life today—not five or ten years ago.
Keep the Momentum Going
You’ve already done the hard part—gathering your financial info for tax season. Keep that momentum going and use it to make sure your estate plan is still doing what you want it to do. An annual check-in is a simple way to protect the people you care about and avoid problems later on.
If you’re unsure where to start, the Law Offices of Debbie J. Cunningham, PLLC, is here to help. A short review now can save your loved ones from a long list of headaches down the road. Contact us today to ensure your estate plan fits your needs.
Law Offices of Debbie J. Cunningham
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