With open enrollment of your employer benefits here, we wanted to take this opportunity to remind you of some changes you may want to consider. If you are currently enrolled in your employer’s legal plan, or if you are thinking about enrolling during open enrollment, here are some things to consider before making your decision.
CHANGES TO YOUR DOCUMENTS
Did you know that as a member of your employer’s legal plan, you can make changes to your estate planning documents every calendar year? With that in mind, has anything changed within the past few years that would necessitate updating your documents? These changes may include:
- Birth, adoption, or death of a child
- A child who has reached 18 years of age
- Marriage or divorce
- Retirement
- Acquisition of new real property (e.g., a new home, cottage, timeshare, rental property)
- Receipt of an inheritance
- Change in your relationship with the people you have chosen to act for you as your patient advocate, power of attorney, trustee, or guardian of you minor children (your “decision-makers”)
- The death or incapacity of any of your decision-makers
- Removing IRA Conduit Trusts from your Living Trust, as the law has changed on how we treat retirement assets
If you are currently enrolled in your employer’s legal plan and thinking about canceling your coverage for the next calendar year, you still have coverage to make these changes until the end of the current year. If you are not currently enrolled and you think you should update your documents, please remember to sign up during open enrollment.
HAVE YOU PROPERLY DESIGNATED BENEFICIARIES ON YOUR ASSETS?
As a member of your employer’s legal plan, did you know that you are entitled to one document review per calendar year? One of the most important but overlooked task items with estate planning is making sure you have properly designated beneficiaries for all your assets. Have you ensured that all of your beneficiaries are properly designated? Would you like for us to review this documentation? If so, please call our office and a member of our team would be happy to assist you in this regard.
If changes to your estate plan are not needed and you are confident that your beneficiaries are properly designated, then there is no need to reach out. As always, we thank you for the opportunity to serve you. Please feel free to share this message with your co-workers and tell them about this great benefit that is available to them.
