Trust and Estate Tips for 2019 End of Year Planning

September 2019

As we move into the fourth quarter of 2019, many clients are asking about what they should do to update trust and estate documents for both family and business matters.

Here is a quick checklist of 7 action items that you may want to consider.

  • Update your will or revocable trust to reflect any changes in family members.
  • Check the beneficiary designations on your accounts and life insurance policies and update if necessary.
  • Ensure you have a healthcare power of attorney in place so that your healthcare agent can make medical decisions for you if you are incapacitated.
  • Consider establishing a revocable living trust to avoid probate.
  • Talk to your advisors about making gifts or charitable contributions as part of your tax planning.
  • Prepare a business succession plan if you have a family business.
  • Place an inventory of your assets with your estate planning documents, and do not forget to include digital assets such as cryptocurrencies or bitcoins.

The trust and estate attorneys at Hunter, Smith & Davis are ready to assist you in a full range of estate planning and administration services.

Rachel Mancl is a partner in the firm’s Corporate and Business Section. She focuses on estate planning and administration, corporate and estate litigation, and transactional law.

Contact her or another member of the Estate Planning & Administration Section to discuss end-of-year planning.

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