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Happy New Year! As you welcome in the new year, it’s time to ask yourself some important estate planning questions for 2020. It’s necessary to review your plan every year, but these questions may change the way you approach your overall plan. 

Estate Planning Questions for 2020

Taxes

  • Do any recent legal or tax changes materially affect my overall estate plan?
  • Am I near or approaching any critical tax thresholds?
  • Should I leverage estate tax exclusions differently this year than I did last year?

Assets

  • Am I properly tracking my assets and aligning them with my estate plan properly?
  • Are my assets protected from potential liability?
  • Do I have sufficient assets to provide for my family in my absence? 

Family

  • Have my feelings changed about who to designate as beneficiaries?
  • Should I evenly or unevenly distribute assets?
  • Does my current estate plan help facilitate an easy transition for my family?
  • Are my heirs capable of handling their inheritance?
  • Do I still feel strongly about who I designated as executor of my estate and Trustee of my trust?

How Should I Approach Changes to My Plan for 2020

Whether you intend to make major changes or not, reviewing your estate plan annually is essential. It can help identify deficiencies and improvements. You may be surprised at how much of your plan should be revised given changes in your life, laws, the market, or more. Schedule an appointment with our Massachusetts estate planning attorneys to review your estate planning goals and to update your plan accordingly.

Don’t Have an Estate Plan?

If you don’t have an estate plan in place, there’s no time to waste! Learn why estate planning is for everyone, not just the rich. In fact, if you don’t consider yourself wealthy, having a plan is even more important. Estate planning early can ensure a happy retirement. Learn more about estate planning and how we can help.

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