Follow These 5 Steps to Make Updates

Life Changes and So Should Your Estate Plan

You’ve created your will and named your beneficiaries on your life insurance and retirement plan assets. You’re feeling confident about the status of your estate plan. Now you can just sit back and relax, right? Well…

Life changes, so it’s important you make sure your future plans change with it. Before the year ends, take some time to review and update them as needed. Just follow our five-step checklist:

  • Review Your Will. Make sure this important document still accomplishes what you want it to. To make a change, such as including an organization you care about, like The Michael J. Fox Foundation, your attorney can update the document using a codicil.
  • Update Guardians for Children. Make sure you are still comfortable with the guardian named in your will for those under your care. If your dependents are now grown, does a guardian still need to be listed?
  • Confirm Your Personal Representative or Executor. Your personal representative or executor has an important job. Make sure the person you named is still the qualified individual you want to manage your estate (and let them know about their job as well).
  • Review Your Beneficiaries. Your retirement plan assets and life insurance are not dictated by your will. Make sure the beneficiaries you have designated are still who you want to receive the benefit.
  • Check Your Power of Attorney. Make sure your durable powers of attorney for financial and health care matters are current. Provide a copy of your financial power of attorney to the named person. Your named person and health care provider should both get copies of your health care power of attorney.

Want to Include MJFF in Your Future Plans?

In addition to providing for loved ones, you can use your estate plan to extend your support of The Michael J. Fox Foundation. To learn more about including MJFF in your future plans, contact The Michael J. Fox Foundation at plannedgiving@michaeljfox.org or 212-509-1524.

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