5 Estate Planning Questions to Review at Year-End

Life gets busy, and the days and months fly by. So, if you find yourself saying, “I can’t believe it’s the end of the year,” you’re not alone. The good thing about asking that question is that it can also be a reminder that it’s the time of year to be checking in on your estate plan. A lot can change in a year — changes that can affect certain aspects of your estate plan and require updates. Not sure what to look for? Here are five estate planning questions to ask yourself at year-end. 

Have There Been Any Life Passages in My Family I Need to Account for in My Estate Plan?

A single year can be filled with many joyous occasions, and unfortunately, sad ones. Either way, a birth, death, or change in a family member’s marital status can affect their role in your estate plan as either a beneficiary or a holder of a key position. Life passages to consider include births of children, grandchildren (and any other family members you want to account for), deaths, marriages, and divorces. 

Consider the following. You’re getting divorced, and while you once trusted your spouse implicitly, you’re no longer confident that you would want them as your healthcare proxy, the person making decisions regarding your health if you were to become incapacitated. 

The same can be said of your soon-to-be-ex having control of your finances, whether you’re incapacitated or dead. Having them as the executor of your will and healthcare proxy, as many married people do, would mean they have this authority regardless of whether you are divorcing. You need to make these changes separately. It’s not automatic, the same as with beneficiary designations outside a will. 

Consider also that you became a grandparent during the year and want to leave a bequest specifically to that new grandchild after you pass. You would have to add them to your will.  

Additions, subtractions, a car accident that creates special needs for a child you would want to fund with a special needs trust, the scenarios are endless. But the results are the same: You need to examine each situation individually and speak to a Seattle estate planning attorney about your estate planning options. 

Am I Still Happy With My Selections for Key Roles in My Estate Plan?

Related to the above, this question concerns not life passages but family dynamics. Yes, everyone you chose in your estate plan may be alive and well; however, they may have angered you in some way that you no longer want to leave them anything. Or they may have demonstrated to you in some way that they are no longer right for the role you assigned them, such as developing a drug habit or proving they are no longer responsible individuals, as you would require with a guardian position for a minor child. Either way, you can make changes to your estate plan and remove them as you like. 

A caveat: You will want to consider that any drastic measures you take could ripple through the family, especially if family members learn about the changes you’ve made when you die. Though this reality may not change your decision, it is something you want to keep on the radar, since many families find themselves at odds over an estate plan. If you choose to tell your family today of your plans, there may be no surprises when you die, but family dissension could begin immediately. 

In any event, what’s important to remember is that you are in control of your estate plan, and decisions are yours to make. If you are unsure about some of your choices or have other estate planning questions about your estate plan at year-end, consult a Seattle estate planning lawyer about your Washington state estate plan.     

Did I Make Provisions in My Estate Plan for My Pet?

Though pets are property under Washington state law, emotionally, they are family members. That means you may want to consider making provisions in your estate plan for their care should you become incapacitated or die.

More and more frequently, you will see Washington state residents including their pets, especially ones that can live a long time, like a parrot or turtle, in their estate plan. At Elise Buie Family Law, our team loves our pets, and we have several suggestions for protecting beloved animals in an estate plan to give you the peace of mind you deserve.  

Does Someone Named in My Estate Plan Know Where My Assets Are and How to Access Them?

It’s one thing to make arrangements, and another to make sure these arrangements can be carried out as your estate plan provides. The most obvious should be that the people who need to know actually know where your assets are and how to access them. 

Providing and periodically updating a master list, and keeping it where you store your will (not in a safe deposit box, I might add), is one way to ensure that, when the time comes, your representatives will have access to the information they need. This includes if you should become incapacitated and someone needs to access your financial accounts immediately. 

These days, we operate more and more solely online. That means it’s more crucial than ever to provide a roadmap for your accounts, including logins and online passwords. Otherwise, those who need to won’t even know where to look. 

With this in mind, if you haven’t done so already, choose a person you trust in this role, provide them with a master list for safekeeping, and update it every time you make a change to an account, create a new login, or change a password so your financial information stays up to date. 

Do I Have a Seattle Estate Planning Lawyer for Support in Creating or Updating My Estate Plan?

An estate plan has many moving parts, including how many documents may be included beyond the last will & testament. It is also for everyone: married, unmarried, young, and old. 

It can feel overwhelming. But when you have the guidance of a Seattle estate planning lawyer who’s familiar with and experienced in Washington state’s complicated estate planning law, your peace of mind could start as soon as today. 

At Elise Buie Family Law, our team of skilled estate planning lawyers creates estate plans from simple to complex and can help with yours, including answering any estate planning questions you have at year-end. Contact us today or schedule a convenient time to speak.