Time to Update or Create a Will

As States give the green light for businesses to reopen, now may be a good time to review the list of items that you were unable to complete during the first half of 2020. One item that should be on your list to review, update or create, is a will. While estate planning is something we discuss with clients at year end or during the traditional tax season, with the change of priorities and disruption to our day-to-day activities, we want to take a moment to remind everyone, that as businesses reopen, now is still a good time to speak with your attorney or financial advisor to review, update or create a will.

No matter how many assets one has, we recommend the following smart measures to ensure a smoother estate experience. Some may seem obvious, but it is vital to map out your estate plans and be certain to consult with an attorney and when necessary, a CPA.

Update or Create A Will

It is never enjoyable to discuss or think about your end of life, but a significant number of individuals pass away without a last will and testament. A will is the governing document to direct your desired bequests and final wishes. Whenever an important change happens in your life, it is critical to update this document.

Review Beneficiaries

An outdated will may reference relationships that no longer exist (former/deceased spouses, partners, parents, children, etc.) or do not recognize current relationships that had not existed at the time of its creation (birth or adoption of a child, grandchildren, etc.). A review of an existing will gives you the ability to update or confirm your existing beneficiaries.

Changing Beneficiaries on Certain Assets

The 401(k) at the job you started 20 years ago may still list a former or deceased spouse or partner. Some individuals may also have 401(k) balances at jobs they haven’t been at for quite some time and have forgotten to check on it as you have not been affiliated with that job or company for a long period of time.

Life Insurance

This is also a good time to review your life insurance policies. Do you have enough coverage or too much coverage? Make the necessary adjustments to your policy, as well as a review or change of the beneficiary.

As always, if you have questions about this or other topics, please know we are available to speak by phone at 215-675-8364 or you may reach us via email at info@wm-cpa.com.