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During this time of year, a lot of folks pause to reflect on their past accomplishments as well as ponder their direction for the New Year. People evaluate their jobs, family relationships and financial position. You may find yourself having to update your estate plan because relationships have changed.
Maybe you lost a loved one, or had a divorce last year. Both of these changes can trigger updates to your estate plan. Will your children now be your primary beneficiaries? If they are under the age of 25, you may want to make certain that a Trustee is in place to manage things should you pass. Review your will, and see what provisions it has for your children now that your circumstance is different. You would be surprised to learn that many folks forget to update not only their wills, but also change their life insurance and retirement plan beneficiaries. Families find out years later that life insurance or a retirement plan still names the former spouse.
We are here to help. Call us for a complimentary consultation to review your will and beneficiary designations. You’ll be glad you did.