Financial Portion of Your Estate Plan Should Include Such Legal Updates

Added: (Sat Jan 23 2010)

Pressbox (Press Release) - Gene L. Osofsky, of the law firm Osofsky & Osofsky, discusses financial components of your estate plan such as legal updates, fiduciaries, assets, & distribution and beneficiaries.

Gene L. Osofsky, a lawyer well-versed in the preparation of estate plans and in pertinent matters involved in the practice of Elder Care Law, discusses certain financial components of your estate plan that are truly significant. He stresses the necessity to regularly review your estate plan to ascertain if it’s current with changes in the law. “Estate planning is seldom static,” he says, “for instance, tax laws have a tendency to change.” Failing to stay abreast of legal changes can have consequences. “If you don’t incorporate changes in the laws as they change, your plan may not work as you intended it to,” Osofsky explains.

Another area of financial concern is fiduciaries. “Who is serving in your fiduciary role?” Osofsky asks, “Have you made a list of anyone acting in a fiduciary role in your estate plan, including Trustees, Executors, Health Care Agents, Financial Agents, Guardians, and Advisors?” This information is also likely to be fluid. Osofsky asks more sensitive questions for you to consider. “Has your relationship with any of these people changed? What about the person’s own family or financial situation? Do you still feel confident in each person’s ability to carry out your wishes?”

Osofsky is also concerned with an itemization of assets when preparing your estate plan. “You should examine the schedule of assets you have with your Estate Planning materials. If you don’t already have such a schedule, make one.” Real estate, bank accounts, stocks, and other assets of value should usually be put in the name of your trust, and your trust should name a beneficiary. However, be careful not to re-title IRAs or other retirement accounts, as they do NOT go into your trust like other assets. Instead, review your beneficiary designations in retirement plans, as well as in your life insurance policies, to make sure that they coordinate with your overall plan of distribution. In addition, “Have new assets been added?” Osofsky asks.

Last, but certainly not least, take a fresh look at your plan of distribution. “It seems to me like the whole point of this exercise is to make sure that your assets are distributed according to your wishes upon death. That’s why it’s crucial to review your estate plan periodically,” Osofsky says. Is your list of beneficiaries still accurate? Do you have any new children or grandchildren? If so, your estate plan should reflect these changes.