Your estate plan isn’t something you set and forget. It should evolve as your life changes. Marriage, children, financial shifts, and tax law updates can impact whether your plan still aligns with your goals. If it’s been more than five years since your last update, now is the time for a closer look.
Does Any of This Sound Familiar?
• It’s been years since I reviewed my will and estate documents, and I’m not sure who would make decisions on my behalf if something happened to me.
• I completed my estate plan, but I don’t remember the details and I’m not sure I fully understand it.
• My family dynamics have changed, and I want to ensure my wishes are honored and my heirs are protected.
• I could use help organizing my plan so my family has clear guidance — including handling digital assets like passwords, social media accounts, and airline miles.
Does Your Plan Have the Right Pieces?
Every estate plan should include:
• Will or Trust: A will dictates asset distribution and names an estate manager. A trust can help avoid probate, provide tax benefits, and ensure control over how and when assets are passed down.
• Powers of Attorney: Financial and medical powers of attorney designate someone to make key decisions if you’re unable to do so. Without them, your loved ones may face legal hurdles.
• Healthcare Directive: Also called a living will, this ensures your medical wishes are honored and names someone to make healthcare decisions on your behalf. HIPAA authorizations grant access to necessary medical information.
Have You Considered These Key Questions?
• Are your beneficiary designations up to date? Retirement accounts and life insurance policies pass directly to named beneficiaries. Ensuring these align with your estate plan is crucial to keeping your wishes intact.
• Do you have the right people in place? Executors, trustees, and decision-makers should reflect your current wishes. If the people you appointed years ago are no longer the best fit, it’s time to adjust.
• Do you have immediate liquidity? Settling an estate takes time. Without accessible funds, your family may face financial strain covering funeral costs, legal fees, and everyday expenses.
• Are you prepared for upcoming tax law changes? The 2017 Tax Cuts and Jobs Act significantly increased estate and gift tax exemptions, but these provisions expire at the end of 2025. If your estate is large enough to be affected, proactive planning now can help protect your wealth. An advanced plan provides flexibility around legislative changes that impact gift, estate, and income tax planning.
What’s Stopping You From Securing Your Legacy?
Estate planning protects your loved ones and preserves your legacy. For over 50 years, Linscomb Wealth has helped families navigate these complex decisions. A strong plan today can mean less stress and fewer surprises down the road.
Scan the QR code in the ad below to read our full article and take the next step in securing your legacy. Your family’s future deserves a plan that keeps them secure — no matter what happens.
