Harvesting Your Legacy: Revisiting
and Updating Your Estate Plan This Fall
|
As autumn paints the world in colorful hues, farmers across the country are busy preparing for the harvest. This season offers a perfect metaphor for a crucial aspect of personal finance: updating your estate plan. Just as farmers meticulously plan for a successful harvest, individuals should take this time to ensure their estate plans adequately reflect their current wishes and circumstances.
The fall season is a natural time for reflection and preparation. Just as crops are carefully inspected and fields are tended to, your estate plan deserves a thorough review. Life changes, such as a new family member, a significant shift in financial status, or even changes in relationships, can all impact the efficacy of your estate plan. If you haven’t revisited your plan recently, now is the ideal moment to ensure it still aligns with your current goals and circumstances.
|
Much like farmers evaluate their crops for ripeness, assess whether your estate plan is “harvest-ready.” Begin by reviewing your will and any trusts you have in place. Ensure that these documents accurately reflect your wishes and that they incorporate any recent changes in your life. For instance, if you've welcomed a grandchild or experienced a significant financial change, it’s essential to update your plan accordingly.
It is also a great time to review your beneficiary designations. You should review and confirm that the beneficiaries named in your estate plan and on accounts like retirement funds and insurance policies are still accurate. Life events such as marriage, divorce, or the death of a beneficiary can necessitate updates to ensure that your assets are distributed according to your wishes. If your first or second beneficiary in your designation list predeceases you, and there are no other alternates, this will necessitate a Probate. To avoid a Probate, you can designate your trust as the last beneficiary. Then if all beneficiaries have predeceased you, the trust will be the beneficiary, and prevent the need for a Probate.
Your estate plan should also reflect any changes in your financial landscape. If you’ve accumulated new assets, such as property, inheritance or investments, or if your financial situation has improved or worsened, it’s vital to address these changes in your plan. By doing so, you ensure that your assets are managed and distributed as you intend, optimizing the benefits for your heirs.
Just as farmers consult almanacs and weather patterns to prepare for the harvest, consider consulting with an estate planning professional to guide you through the process. They can offer insights into how recent legal changes may affect your plan and help you navigate complex decisions. This is why it’s essential to meet with a dedicated estate planning attorney, to ensure your plan still works the way you originally intended.
|
As autumn brings a sense of completion and reflection, take this opportunity to revisit and update your estate plan. By preparing your estate plan for the future, you ensure that it serves as a true reflection of your wishes and provides security for your loved ones. Embrace the season’s spirit of renewal and harvest the peace of mind that comes from knowing your legacy is well-prepared for the future.
|
In Lieu of Flowers: Green Burials
and Eco-Friendly Estate Planning
|
When reading obituaries, you may start noticing a trend. The line “In lieu of flowers, please…” is becoming more prevalent, with families instead asking for a donation to a particular organization that was meaningful to the deceased.
|
As environmental awareness grows, many individuals are seeking ways to align their end-of-life plans with their commitment to sustainability. Green burials and eco-friendly estate planning offer meaningful options for reducing the environmental impact of traditional burial practices.
Unlike conventional burials, which often involve embalming chemicals, non-biodegradable caskets, and concrete vaults, green burials emphasize natural decomposition and minimal ecological disturbance. Options for green burials include the use of biodegradable caskets or shrouds, natural burial grounds that forego headstones in favor of native plants, and conservation burial sites that actively support land preservation efforts. These practices not only honor the deceased but also contribute positively to the environment.
Legal and logistical considerations are crucial when planning for a green burial. Regulations regarding green burials vary by state and locality, making it essential to research the legal requirements in your area. Some regions may have specific guidelines for burial containers, cemetery certifications, and land use. Additionally, pre-planning and clear communication with family members and funeral service providers can ensure that your wishes are respected and legally compliant.
It's also important to include your green burial preferences in your relevant estate planning documents to avoid potential conflicts or confusion among your family members, and those you leave in charge of executing your wishes. You can achieve this through a Disposition of Remains document. A Disposition of Remains is a standalone document that details your wishes upon your death, and appoints someone to carry out those wishes. You may also want to put the same instructions in your Last Will and Testament, but funerals, burials, and the like are often decided very quickly after death, before anyone has reviewed or searched for your Will.
Incorporating sustainability into your estate planning extends beyond burial choices. Consider setting up a green legacy by supporting environmental causes through charitable bequests or establishing a conservation trust. If you own a particularly large or undeveloped area of land, you may consider an easement to conserve the property. You can also opt for digital estate planning tools to reduce paper waste and promote the use of eco-friendly materials in any necessary documentation.
|
By integrating these practices into your estate plan, you not only reduce your environmental footprint but also inspire future generations to prioritize sustainability. Ultimately, eco-friendly estate planning reflects a holistic approach to life and death, ensuring that your values endure long after you are gone.
|
|
