Mid-Year Reflection: Why July is the Perfect Time to Revisit Your Estate Plan
As we hit the halfway mark of the year, July offers a valuable opportunity to review and update one of the most important components of your financial future—your estate plan. Life is constantly changing, and ensuring your estate documents reflect your current wishes can prevent stress and confusion for your loved ones down the road.
Why July?
Mid-year is ideal for taking stock of your financial and personal circumstances. Perhaps you've experienced a major life event such as a marriage, divorce, the birth of a child, or a significant change in your health or finances. All these factors should be reflected in your estate planning documents.
Key Steps to Take This July:
Update Your Will and Trusts
Review your existing will or trust to ensure it still aligns with your wishes. This might involve changing beneficiaries, guardians for minor children, or allocating assets differently based on your current assets and family situation.
Review Power of Attorney and Healthcare Directives
Make sure your medical and financial powers of attorney are current. Assign trusted individuals who understand your wishes and can act on your behalf if you're unable to do so.
Evaluate Beneficiary Designations
Check retirement accounts, life insurance policies, and other assets with designated beneficiaries to ensure they are up to date.
Consider Tax Implications
An estate plan isn’t complete without considering potential estate taxes. Consult with a financial advisor to strategize ways to minimize taxes and maximize inheritance for your heirs.
Organize and Simplify Documents
Ensure all your estate planning documents are organized, accessible, and stored securely. Share your plan with trusted individuals or your attorney to ensure everyone is informed.
Why It Matters
Having a current estate plan provides peace of mind, knowing your wishes will be honored and your loved ones are taken care of according to your directives. Mid-year review is convenient—not only does it ensure your plan is up-to-date, but it also allows you to make any necessary adjustments before the busy year-end period.
Take Action Today
Make July the month you strengthen your estate plan. Schedule a consultation with your estate planning attorney or financial advisor to review and renew your documents. Your future self—and your loved ones—will thank you.