
As we welcome the new year, it’s an ideal time to give your estate plan a thorough checkup. Whether your goal is to protect loved ones, minimize taxes, or preserve your legacy, regular reviews can help you keep pace with life’s changes and ensure your wishes are upheld. Below are five key areas you’ll want to revisit as we enter 2025. If you have questions along the way—or if any of these points resonate with your current situation—we’d love to schedule a conversation to explore your options in more detail.
- Review Beneficiary Designations
Your beneficiary designations on life insurance policies, retirement accounts, and payable-on-death (POD) accounts should always match your most up-to-date intentions. Have you recently married, divorced, or welcomed a new child or grandchild into the family? These milestones can alter whom you’d like to list as beneficiaries. A quick review now can prevent confusion and heartbreak later.
Curious about how conflicting beneficiary designations might override your will or trust? Let’s discuss strategies to ensure all your documents work together seamlessly.
- Consider New Tax Law Updates
Even slight adjustments in federal or state estate and gift tax laws can significantly impact your plan. For instance, an increase or decrease in exemption limits may mean you need to update certain trusts or gifting strategies to remain effective.
Want to stay one step ahead of possible tax law changes in 2025? We can help you explore proactive strategies to protect your estate.
- Examine Your Will or Trust
Think of your will or trust as a living document that should grow and change with you. Relocating to a new state, starting or selling a business, or changing your marital status are all reasons to revisit your estate plan. It’s also wise to confirm that executors, trustees, and guardians for your children are still appropriate choices.
Not sure if your will or trust is still valid after a recent move or significant life event? We’d be happy to review your documentation and offer personalized recommendations.
- Plan for Digital Assets
In today’s digital age, assets aren’t just physical property and bank accounts. Everything from social media accounts to cryptocurrency wallets can hold both financial and sentimental value. A solid estate plan should include clear instructions on how these assets are accessed, managed, and transferred.
Wondering how to handle passwords, social media profiles, and online banking accounts in your estate plan? Let’s talk about creating a robust digital asset strategy.
- Coordinate with Financial Advisors
Estate planning doesn’t happen in isolation. It’s most effective when coordinated with your broader financial goals—things like retirement planning, investments, and charitable giving. Scheduling time with a financial advisor can help ensure your estate plan stays aligned with your long-term objectives.
Are you uncertain about how your current investment strategy fits into your estate plan? We can collaborate with you and your advisors to craft a unified, future-proof approach.
Ready to Take the Next Step?
Our firm is here to help you navigate these complexities and tailor an estate plan that feels right for you and your loved ones. Whether you’re just starting the process or want to fine-tune your existing arrangements, we’re committed to guiding you every step of the way.
If you’d like more detailed information on any of the points mentioned above—or simply want to ensure your plan is on track for 2025—please reach out to schedule a consultation. We look forward to helping you protect what matters most.
The material contained herein is for informational purposes only, and is not intended to create or constitute an attorney-client relationship between Schromen Law, LLC and the reader. The information contained herein is not offered as legal advice and should not be construed as legal advice.
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