A Year-End Estate Plan Document Review
As the year gets closer to its end, it can be useful to look at an estate plan as a set of working documents. The question is not only whether you have signed a will. It is whether the documents, account records, and practical arrangements still fit together.
This kind of review can begin with gathering information. Any legal changes can then be discussed with the attorney who handles the plan.
Can you identify the current documents?
Locate the signed will, any codicils, trust documents, amendments, and powers of attorney. Record the dates and where the originals are kept. If several versions exist, do not guess which one is legally effective.
In Iowa, changing or revoking a will involves requirements under sections 633.279 and 633.284. Crossing out a name or writing a new instruction in the margin should not be treated as an automatic solution.
Do the property records match the plan?
Review significant accounts and property acquired or sold during the year. Confirm how each asset is owned and obtain current beneficiary information from the institution involved.
If there is a trust, check whether the property intended for it was actually connected to it. A statement in a planning folder and the ownership record at a bank may not say the same thing. Flag any mismatch for review rather than trying to correct every asset in the same way.
Are the people still appropriate?
Check the people named to act as executor, trustee, or agent, along with any backups. Consider whether they can still serve and whether their contact details are accurate.
A review can also reveal changes involving beneficiaries. Someone may have died, a child may now be an adult, or a family member’s circumstances may call for a different planning discussion.
Could someone find what they need?
Update the list of institutions, professional contacts, important records, and the location of the original will. Keep sensitive information secure, but make sure an appropriate person knows how to locate the instructions when necessary.
The result does not need to be an enormous binder. A short, accurate list of documents and questions is more useful than a large collection nobody has checked.
The purpose of the review is to replace assumptions with information. Once the gaps are identified, the legal documents and practical arrangements can be addressed together.
Tyler ThompsonAuthor